Amherst College Annual Report Fiscal Year Ended June 30, 2013 Table of Contents

The Corporation ...... 2

A Message from the President ...... 5

Report of the Chief Financial Officer ...... 10

Amherst College Statement of Operating Resources and Expenses ...... 12

Folger Shakespeare Memorial Library Statement of Operating Resources and Expenses ...... 16

Amherst College Twenty Years in Review ...... 18

Report of Independent Auditors ...... 19

Balance Sheet ...... 20

Amherst College Statement of Activities ...... 21

Folger Shakespeare Memorial Library Statement of Activities ...... 22

Total Statement of Activities ...... 23

Statement of Cash Flows ...... 24

Notes to Financial Statements ...... 26

Amherst College Gifts, Bequests and Grants Received ...... 46

Folger Shakespeare Memorial Library Gifts, Bequests and Grants Received ...... 46 The Trustees of Amherst College administer Amherst College in Amherst College Amherst, Massachusetts, and the Descriptive Analysis of Endowment and Other Similar Funds ...... 47 Folger Shakespeare Memorial Library in Washington, D .C . Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds ...... 65

Amherst College Statistical Information 2013 ...... 67

The cover: Johnson Chapel . Photo by Rob Mattson

1 s Laura J . Yerkovich ’80, M .B .A . Katherine K . Chia ’88, M .Arch . The Corporation Riverside, CT New York, NY FISCAL YEAR 2012–13 William A . Davis, Jr . ’63, J .D . Secretary of the Corporation Washington, DC Susan Pikor, A .B . Hadley, MA Michele Y . Deitch ’82, J .D . Austin, TX Life Trustees Chairman of the Corporation Colin S . Diver ’65, LL .B . K . Frank Austen ’50, M .D . Cullen Murphy ’74, A .B . Boston, MA Medfield, MA Boston, MA Anne Melissa Dowling ’80, M .B .A . George B . Beitzel ’50, M .B .A .* West Hartford, CT President of the College Ridgefield, CT Carolyn “Biddy” Martin, Ph D. . Charles C . Eldredge ’66, Ph .D . Martha L . Byorum, M .B .A . Amherst, MA Lawrence, KS New York, NY Willie J . Epps, Jr . ’92, J .D . Members of the Corporation Rosanne M . Haggerty ’82, A .B . St . Louis, MO Danielle S . Allen, Ph .D . New York, NY Princeton, NJ John C . Esty, Jr . ’50, M .A . Amos B . Hostetter, Jr . ’58, M .B .A .* Concord, MA Theodore W . Beneski ’78, M B. .A . Boston, MA Colleyville, Texas Nicholas M . Evans ’52, M .B .A . Charles A . Lewis ’64, M .B .A . Vero Beach, FL Rafael Campo, ’87, M D. . Evanston, IL Boston, MA Steven M . Gluckstern ’72, Ed .D . Charles R . Longsworth ’51, M .B .A .* San Francisco, CA Wei Sun Christianson ’85, J .D . Royalston, MA Beijing, China Frederick E . Hoxie ’69, Ph .D . Robert J . McKean, Jr . ’50, LL .B . Evanston, IL Brian J . Conway ’80, M .B A. . Lantana, FL Boston, MA Richard (Dick) F . Hubert ’60, A .B . Mary Patterson McPherson, Ph .D . Rye Brook, NY Walter C . Donovan ’85, A B. . Rosemont, PA Boston, MA George R . Johnson, Jr . ’73, J .D . Peter A . Nadosy, M .B .A . Greensboro, NC William E . Ford ’83, M .B .A . New York, NY New York, NY David A . Kessler ’73, M .D . Edward N . Ney ’46, A .B 1. San Francisco, CA Howard Gardner, Ph D. . New York, NY Cambridge, MA Woodward Kingman ’49, M .B .A . Edward E . Phillips ’52, LL .B . Belvedere, CA Arthur W . Koenig ’66, M .I .A . Weston, MA London, England David L . Kirp ’65, LL .B . H . Axel Schupf ’57, M .B .A . San Francisco, CA Christopher S . Lehane ’90, J D. . New York, NY San Francisco, CA Jonathan I . Landman ’74, M .S . George L . Shinn ’45, Ph .D .*2 New York, NY John S . Middleton ’77, M B. A. . Scarborough, ME Bryn Mawr, PA Thai-Hi T . Lee ’80, M .B .A . John I . Williams, Jr . ’75, J .D . Lebanon, NJ Andrew J . Nussbaum, ’85, J D. . Jamaica Plain, MA New York, NY Richard S . LeFrak ’67, J .D . Philip S . Winterer ’53, LL .B . New York, NY Hope E . Pascucci ’90, A B. . New York, NY Wellesley, MA Van Doorn Ooms ’56, Ph .D . Paula K . Rauch ’77, M .D . Trustees Emeriti Bethesda, MD John E . Abele ’59, A .B . Boston, MA Stephen B . Oresman ’54, M .B .A . Natick, MA Julia A . Segre ’87, Ph .D . Darien, CT Margaret A . Bangser ’81, M .P .P .M . Bethesda, MD George E . Peterson ’63, Ph .D . Dar es Salaam, Tanzania Blair H . Taylor ’85, M .B A. . Washington, DC Alan S . Bernstein ’63, M .B .A . Seattle, WA Mark J . Sandler ’64, LL .B . Coral Gables, FL James C . Tsai ’85, M D. . New York, NY Paul E . Bragdon ’50, LL .B . New Haven, CT W . Lloyd Snyder III ’66, M .B .A . Portland, OR Scott F . Turow ’70, J D. . Conshohocken, PA Robert W . Carington ’53, M .Arch . Chicago, IL Joan E . Spero, Ph .D . Bloomfield Hills, MI New York, NY

2 s Richard R . Spies ’67, Ph .D . Advancement Committee Student Life Committee Providence, RI Ms . Pascucci (Chair), Mr . Beneski, Messrs . Gardner (Chair), Beneski, Ms . Christianson, Messrs . Conway, Campo, Lehane, Nussbaum, Joseph E . Stiglitz ’64, Ph .D . Donovan, Ford, Koenig, Lehane, Mss . Rauch, Segre, Messrs . Taylor, New York, NY Middleton, Nussbaum, Tsai, Turow, Ms . Yerkovich Bradley A . Stirn ’72, M .B .A . Ms . Yerkovich Woodside, CA Trusteeship Committee Audit Committee Mr . Murphy (Chair), Ms . Allen, Louis B . Thalheimer ’66, J D. . Ms . Yerkovich (Chair), Ms . Allen, Messrs .Conway, Ford, Mss . Pascuccci, Towson, MD Messrs . Lehane, Nussbaum, Rauch, Mr . Turow, Ms . Yerkovich Diana Chapman Walsh, Ph D. . Mss . Pascucci, Rauch, Mr . Tsai Brookline, MA Treasurer’s Staff Budget and Finance Committee Kevin C . Weinman, M .B .A ., M .A . Gail T . Wickes, Ph .D . Mr . Conway (Chair), Mss . Allen, Chief Financial Officer Dallas, TX Christianson, Messrs . Donovan, Ford, Effective: May 1, 2013 Karen Hastie Williams, J D. . Koenig, Middleton, Ms . Pascucci, Shannon D . Gurek, M .B .A . Washington, DC Mr . Tsai Interim Treasurer through May 1, 2013 David S . Wolff ’62, M B. A. . Associate Treasurer/Director of the Buildings and Grounds Committee Houston, TX Budget Mr . Middleton (Chair), Mr .Campo, Kimba M . Wood, J .D . Ms . Christianson, Messrs . Donovan, Dawn M . Bates, B .B .A . New York, NY Ford, Gardner, Ms . Segre, Investment Manager—Operations Messrs . Taylor, Turow Jide J . Zeitlin ’85, M .B A. *. Laurie M . Bouchard, B .S . New York, NY Assistant Comptroller Compensation Mr . Murphy (Chair), Ms . Allen, James D . Brassord, M .B .A ., M .S . Messrs . Conway, Ford, Ms . Rauch Director of Facilities/Associate Treasurer for Campus Services through Jan . 2013 Digital Strategy (Ad Hoc) John R . Dailey, M .B .A ., M .S . Mr . Lehane (Chair), Ms . Allen, Investment Officer Messrs . Conway, Gardner Kendall D . Doble, IV, B .A . Emily Dickinson (Ad Hoc) Investment Analyst Ms . Yerkovich (Chair), Mr .Armstrong Mauricia A . Geissler, B .B .A . (Emily Dickinson Board), Ms . Bradford Chief Investment Officer (Folger/Emily Dickinson Board), Mr . Donovan, Ms . Martin, Stephen M . Nigro, B .S . Mr . Rosenthal (Emily Dickinson Board), Comptroller Messrs . Turow, Winterer Treasurer Emeritus Honorary Degrees Committee Kurt M . Hertzfeld, M .B .A . Mr . Turow (Chair), Ms . Christianson, Messrs . Gardner, Koenig, Lehane, Assistant Treasurer Emeritus Nussbaum, Mss . Pascucci, Segre, William McC . Vickery, M .B .A . Yerkovich

Human Resources Committee Mss . Rauch (Chair), Allen, Mr . Campo, Ms . Segre, Messrs . Taylor, Turow

Instruction Committee Ms . Allen (Chair), Messrs . Campo, Conway, Gardner, Koenig, Lehane, Nussbaum, Mss . Rauch, Segre, Messrs . Taylor, Tsai, Turow

Investment Committee Mr . Ford (Chair), Messrs . Beneski, Donovan, Middleton, ex officio: Messrs . Hostetter, Nadosy * Chair Emeritus 1 Deceased Jan . 2014 2 Deceased Dec . 2013

3 s

It has been a year of change and tions, it will help fund the original achievement, as we worked to en- campaign priorities: scholarships, sure that Amherst College remains building upgrades, faculty and cur- true to its mission: to provide the ricular support, and learning outside best possible education to a talented the classroom . Additionally, it will student body from every socio­ support the ­sciences—specifically, economic background . Maintaining the con­struction of the new science Amherst’s high academic standards center—as well as departments and A Message and intellectual intensity requires programs that enhance the class- from the that we recruit the most qualified room experience, such as the Mead students while attracting the best Art Museum, Frost Library, the President scholar-teachers to our faculty; it Career Center and music and athlet- requires that we support faculty ics programs . research and teaching and that we It is remarkable that the Col- provide faculty the tools they need lege exceeded its original goals for a to inspire students’ curiosity and campaign that occurred during the help them develop their intellectual worst economic downturn since the strengths . Students’ achievements Great Depression, and this success within and beyond the classroom are is an extraordinary reflection of sup- impressive—indeed, often quite ex- port for the campaign’s objectives: traordinary . The number of students maintaining the College’s need- involved with faculty in original blind financial aid policies, capital- research is increasing . Meanwhile, izing upon its increasingly diverse our graduates continue to excel in student body and fostering faculty- the widest possible range of profes- student research opportunities . sions and projects . We are indebted to our committed This fall we rejoiced at exceed- volunteers who worked tirelessly ing the ambitious goals of our capi- over the years with our Advance- tal campaign, saw our endowment ment team, led by Megan Morey, reach an all-time high and contin- and our campaign chairs—Brian ued our efforts to engage alumni in Conway ’80, Hope Pascucci ’90 the mentoring of our students . This and Jide Zeitlin ’85—and, letter will touch on some highlights of course, to my predecessor, of this past year and take a brief look Tony Marx . toward the future . In May, the administration and In September, we celebrated the Board of Trustees decided to pursue success of the Lives of Consequence an alternate site for a planned new campaign, during which 86 percent science center, while remaining on of alumni engaged with the Col- track for a 2018 project comple- lege and over $500 million was tion date . The decision was made contributed between 2008 and for two key reasons: first, because of 2013 . The campaign roared past the escalation in cost, which can be an initial goal of $425 million, in attributed, in large part, to the de- part through two anonymous and mands of the site; and, second, be- historic donations, made in 2009, cause the impact of the preparatory of $100 million and $25 million re- work indicated that construction at spectively . Upon meeting our initial that site would cause unacceptable goal, we launched a second, final disruption to faculty research, teach- phase of the campaign, one that ing and student life . also exceeded its goal of $75 mil- The College spent the ensuing lion . Known as Creating Connec- months determining the best pos-

5 s sible location for the science center, raising and some combination will benefit students, faculty, pro- knowing that Merrill has outlived of modest debt issuance and/or grams and facilities—the whole of its use as a science building and incremental distribution from the Amherst—for generations to come . recognizing how important it is that endowment . Amherst sustain its excellence in This plan for a world-class Amherst College continues to be a science education . In October, the ­science center and badly needed highly desirable destination for the Board of Trustees approved a new new residence halls, all sited in world’s most talented students . We plan that will allow us to emerge the context of a compelling vision received a record 7,926 applications with not only a cutting-edge science for the future development of the for the Class of 2017 and offered center but also new dormitories— ­campus, will allow us to continue admission to 1,132, or 14 .3 per- potentially for a similar or lower offering what is widely recognized cent, of those applicants . The class price than the original science center as the best possible undergraduate includes 466 students, a yield of alone, and with much less disrup- science education, while exercis- 41 percent of the students who tion . To make way for the science ing responsible stewardship of were offered admission . Academic center, the Social Dorms—now at our resources . Financial support credentials remain high, with mean the end of their useful lives—will for important initiatives, such as SAT scores for the first-year class be razed . To replace them, new the ­science center and other insti- of 714 in critical reading, 718 in residence halls will be built to the tutional priorities, would not be math and 713 in writing, and a south of Merrill, where temporary ­possible without the generosity mean ACT score of 32 . The Class dorms are currently located . The of alumni and parent donors, as of 2017 comes from 30 countries new residence halls will be ready for well as returns generated by our (including Iceland and Mongolia), occupancy by the fall of 2016 . The endowment . 40 states (with California being the new projects will be linked to one In an improving economic best-represented) and the District another and to the rest of the cam- environment, Amherst’s endowment of Columbia . Eighteen percent are pus by a landscaped walkway among had an investment return of 13 per- first-generation college students . open expanses, which will encourage cent in fiscal year 2012–13, with Our low-income enrollment is foot traffic and outdoor gatherings the endowment balance finishing at 23 percent . American students of and will offer new paths around $1 .824 billion, above the previous color represent 43 percent of the the perimeter of the hillside . The all-time high balance of $1 .706 bil- student body, while international current estimated cost for a science lion in fiscal year 2007–08 . In students make up 10 percent . The center on the east side of campus fiscal year 2012–13, the College College continues to be need- is $214 million, compared to an raised $69 5. million in cash gifts, blind, meeting 100 percent of estimate of more than $270 mil- bequests and grants, thanks to demonstrated need for all qualified lion for the previous hillside plan . the generous support of alumni, candidates, including international The current estimate for construc- parents and friends . The Annual students, and our policy of giving tion of new residence halls—which Fund recorded its second-highest grants instead of loans alleviates an would have been needed under any total in the College’s history, raising excessive financial burden on fami- scenario, owing to the deteriorating $10 .38 million; of that total, the lies who qualify for financial aid . condition of the Social Dorms—­ Parents’ Fund contributed more As is the case every year, our totals $60 million . (All estimates will than $658,000 . The fiscal year students distinguished themselves likely escalate over time, because of ended with a 54 .6 percent participa- in a number of impressive ways . For anticipated inflation in construc- tion rate in the Alumni Fund . As example, Bess Hanish ’13 was one tion markets .) The new plan calls in previous years, alumni increased of just 30 students who received a for the preservation of Merrill and their involvement in other ways: Paul and Daisy Soros Fellowship the ­McGuire Life Sciences Building; they attended events, connected for New Americans this year . The these structures, when repurposed with students, provided feedback to award provides up to $90,000 in in the future, will provide consider- the College, interacted online and tuition and support for two years able savings over new construction . volunteered . In fiscal year 2012–13, of graduate study in the United Taken together, the projects will overall alumni engagement was States in any field of study . Bess be paid for with substantial funds 75 .1 percent, the highest level in the joins the 10 Fulbright Scholars and already in hand and designated for five years since we started tracking two Goldwater­ Scholars from 2013 . these projects, continued fund- engagement . All such contributions I am also excited by the increas-

6 s ing numbers of students who are of learning from equally talented of American Studies, Anthropol- involved in collaborative research faculty is a frequently cited factor ogy and Sociology, Biology, Black with faculty across all disciplines, in their decision-making . Amherst Studies, Chemistry, Economics, and thus are becoming creators of faculty achievements were many English, History, Mathematics, knowledge and not just recipients of last year . From publishing a break- Music, Political Science, Psychology, it . Professor Austin Sarat is one of through article on particle physics and Women’s and Gender Studies several faculty members funded by in the journal Nature, to writing a (which is being renamed Sexual- the College and the Mellon Foun- critically acclaimed book about the ity, Women’s and Gender Stud- dation to promote undergraduate important role of instant noodles in ies) . The research interests of our research in the humanities, social satiating hunger worldwide, to de- new faculty include organometallic sciences and hard sciences . His work vising and conducting experiments chemistry, game theory, American with students has resulted in several to test the speed of a quantum public policy, ­Caribbean and Latin of them being co-authors with him computing system against conven- American ­history, Japanese business on peer-reviewed original research tional computing methods, Amherst organization, medical anthropology presented at a leading conference faculty continued to demonstrate and biostatistics . I encourage you to this past year, as well a book about that they are committed not only to visit www.amherst .edu/academiclife capital punishment, forthcoming teaching at the highest levels but to /dean_faculty/faculty_hiring from Stanford University Press . producing work, often with the as- to learn more about these new The College’s Career Center sistance of students, at the forefront professors­ . educates and empowers students of their respective fields . This year’s new hires add diver- to reflect, explore, experiment and This fall, the person responsible sity as well as academic quality to take action to achieve their personal, for bringing so many fine faculty our faculty . Thirteen of the 15 new professional and academic goals . members to Amherst, Gregory Call, faculty started this fall; two will Graduates in the Class of 2013 have announced that this would be his begin their positions next fall . Of embarked on the next phase of their last year as dean of the faculty . Over the 13 who started this year, 11 are lives, with most of them employed the past 11 years, Greg has done new tenure-track assistant profes- full-time or attending graduate an extraordinary job of building sors (84 .6 percent), one is a tenured school . Employment sectors repre- research into the core of the under­ associate professor (7 .7 percent), sented include banking and financial graduate experience at Amherst and one is a tenured full professor services (18 percent), education more fully than has been done at (7 .7 percent) . Of the 15 hires made (16 percent), sciences (8 percent), virtually any other academic institu- this year, three are African Ameri- consulting (8 percent), law and tion . He has also interviewed close can (20 percent), two are Hispanic legal services (8 percent), computer to 3,000 candidates for faculty and (13 .3 percent), three are Asian science/technology (6 percent), other academic positions, negotiated (20 percent), one is multi­racial health care (6 percent), public the hiring of more than 600 of them (6 .7 percent), and six are white policy/politics (4 percent) and fine/ and played a central role in building (40 percent) . Of these 15, 11 are performing arts (4 percent) . Top the next generation of the College’s women (73 .3 percent), and four private employers include Goldman faculty . Greg has served with great are men (26 .7 percent) . After their Sachs, LinkedIn, McKinsey & Co . distinction as the College’s chief departments successfully applied for and Teach For America, and top academic officer . He will return to tenure lines and they were vetted graduate schools include Columbia the mathematics department, which by outside reviewers and the Com- Law School, Harvard, the London he joined as an assistant professor in mittee of Six, two longtime visiting School of Economics and Political 1988, and resume full-time teach- faculty members, one woman and Science, Princeton, Scripps Institu- ing next fall . Catherine Epstein, the one man, assumed tenured appoint- tion of Oceanography, Stanford and William R . Kenan Jr . Professor of ments this summer . Yale . Like every class, this one was History, has been selected as Greg’s As we continue planning for a extremely accomplished, and we successor and will become dean of science center that will sustain our eagerly anticipate the achievements the faculty on July 1 . longstanding strengths and foster of these youngest Amherst alumni . During the past year, Greg connections across fields, faculty oversaw the hiring or promotion from a range of disciplines have For talented students who choose of 17 colleagues into tenure-line proposed the creation of an inter- to attend Amherst, the prospect positions in Amherst’s Departments disciplinary humanities center . Our

7 s discussions of this possibility will students, staff, faculty and student- On our campus, we continue to resume as the semester unfolds . life issues . confront one of the most seri- Searches are already under way This fall is seeing the launch ous challenges facing colleges and for the next crop of tenure-line of the strategic planning effort, led universities across the country: colleagues, who will join us next by Peter Uvin under my direction . sexual misconduct and assault . We summer . Information about those In designing a planning process, are committed to holding ourselves searches—in the Departments of we have sought to identify central to the highest possible standards in Art and the History of Art, Clas- themes that cut across and tran- our efforts to address the problem, sics, Computer Science, Economics scend the traditional silos of teach- and over the past year the College (two positions), English, Mathemat- ing, research and student life . Two has made significant improvements ics, Physics, Political Science and of the strategic planning commit- in policy, procedure, educational ­Spanish—is also available on the tees started their work in the programming and staffing . dean of the faculty’s website . spring—one committee charged Last year, a group of articulate In addition to the faculty with analyzing our financial out- and courageous students disclosed searches mentioned above, the look and another that will assess a range of problems in our previ- College completed a number of and make recommendations for the ous efforts to prevent and respond important administrative searches, development of the physical cam- to incidents of sexual misconduct welcoming Peter Uvin as our first pus . In September we established and assault . Led by the staff, faculty provost, Kevin Weinman as our chief a committee to study our technol- and students on the Title IX team, financial officer and Lisa Rutherford ogy needs and four committees the College has made much-needed as our new general counsel and chief charged with thinking about our changes . We are responding to policy officer . They share with the core mission activities . These core reports of sexual misconduct and outstanding staff members already committees will focus on 1) inte- ­assault by taking appropriate steps in place the goal of ensuring that grating teaching and research to to eliminate the misconduct, pre- our students, faculty and staff not fulfill our mission of being a world- vent its recurrence and address only succeed but flourish . Addition- class research liberal arts college; its effects . ally, Jim Larimore, our new dean 2) strengthening the College’s learn- The improvements we have of students, recently announced ing environment so that student made are highlighted on our Sexual his decision to step down, citing learning is maximized both inside Respect website (www. amherst.edu/ personal reasons, in early Febru- and outside the classroom; 3) build- aboutamherst/sexual_respect) and ary . He will assume a role as adviser ing upon the racial and socioeco- include not only new policies, dis- to the president for the remainder nomic diversity we have achieved ciplinary procedures and resources of the spring semester . Because of among our students, and are in the but also new educational efforts the urgent need for change, I have process of building among our fac- aimed at cultural change . Amherst asked Suzanne Coffey to leave her ulty and staff, to strengthen the al- has added key staff to help in this position as athletic director and step ready powerful learning experience; work, including two new members into the role of chief student affairs and 4) internationalizing the liberal of our Counseling Center staff and officer for two years, during which arts curriculum, so that our students two additional full-time positions— time she will lead the implementa- not only understand but experience a Title IX coordinator, who joined tion of organizational, personnel our connection with other cultures, us in early December, and a sexual and management changes that have economies and political systems . The respect educator . The difficult work been recommended by reviews of committees will meet throughout of addressing sexual assault and student affairs . Associate Athletic the 2013–14 academic year and will misconduct is ongoing, and we are Director Don Faulstick, who is in solicit input from students, staff, committed to working as a com- his 17th year at the College, will faculty, alumni, trustees and parents . munity to address what is, sadly, a serve as interim director of athlet- A steering committee will develop a nationwide challenge . ics . The new administrators will be draft plan, which will then be vetted responsible for many critical areas by on- and off-campus constitu- When it comes to living spaces of the College, including strategic ents in the fall of 2014, with a final for students, we continue to make planning; budget; and the integra- version submitted to the Board of improvements and evaluate our op- tion of programs and initiatives that Trustees in January 2015 . tions . Seligman Hall has reopened span the traditional boundaries of after an extensive and beautiful

8 s renovation and expansion, the first remain true to our mission . In Other interesting conversations and in the building’s 80-year history . that spirit, our faculty considered projects are under way on campus . The renovation included increasing the possibility that Amherst might The urgency of climate change has energy-efficiency, while maintaining accept an invitation from edX to given rise on a number of campuses the building’s historical character join the consortium established to calls for divestment from interests and aesthetic sensibility . by Harvard, MIT and the edX in coal . Our Investment Committee Pratt Field, the third-oldest founders . Despite significant inter- has met with students to discuss the NCAA football playing site, under- est on the part of some faculty issues, and the conversations will went an extensive renovation that members, the faculty as a whole continue this year . With increased also added a new field house, grand- concluded that they are not ready commitment to a sustainable and stands and track . The project was to join edX at this point . At the local food supply, the College’s new completed on schedule, in time for same time, they expressed support Book & Plow Farm continues to the first home football game . The for continuing to pursue technol- expand its offerings of fresh produce field and field house have been sited ogy-enhanced options, including that it delivers to Valentine Din- and equipped to serve our softball, so-called flipped classrooms and hy- ing Hall and has added greenhouse field hockey, lacrosse and track brid forms of traditional and online capacity to extend its growing and field teams as well as football . learning . To this end, Greg Call and season through the winter . Within We look forward to great contests his colleagues in the Office of the the constraints of the dining facility, this year . Dean of the Faculty have spent the we continue to find ways to enhance Students also are benefiting summer developing a program of the quality of food . from our collaborative efforts to activities for the 2013–14 academic create a more vibrant social life on year, including visits by experts in On the above topics and more, campus that helps bring the student online learning and experimental I welcome your reflections and body together . One step in that initiatives on the part of Amherst thank you for the many thoughts direction will be the conversion faculty members . We have joined and suggestions you’ve offered since of the old Power House, now an a group of provosts and deans my arrival . It is an honor to lead this equipment storage facility, into a from other liberal arts colleges to College, and I thank you for that space for student events . Work will explore what we might do together opportunity . begin on that project this winter, to provide our students, into the and the designs promise the kind future, with the kind of education With best wishes, of space we need . In response to we consider essential . student questions about alcohol and Amherst is not standing still in party policies, we are working with other areas of technological innova- students to bring greater clarity to tion either . In December 2012 the these issues . We continue, in the College announced plans to launch Biddy Martin meantime, to add opportunities for a new digital publishing venture President campus-wide events and to create that will offer peer-reviewed books the infrastructure that will allow written by leading scholars in the students to organize their own . humanities and the social sciences that are then carefully edited and In the area of technology, this past made available for free online . year we studied developments in Conceived by College Librarian online learning and proceeded to Bryn Geffert and headed by Mark do what we do well at Amherst— Edington, Amherst College Press consider and debate the possible will be housed in Frost Library and benefits and the potential downsides will solicit manuscripts from scholars of the developments we are seeing . who may be especially receptive to Many members of our community new publishing paradigms at a time believe that online learning could when traditional academic presses enrich what takes place at a small are reducing the number of titles residential liberal arts college, if our they publish . approach and guiding principles

9 s Footnote #1 on page 26, Basis of prehensive fee of $55,510, Amherst Report of the Presentation. offered a substantial discount rela- Chief Financial While statements in this format tive to its costs for each and every give a true financial picture of the student. Amherst’s endowment and Officer Institution as a whole and pro- the ongoing generosity of its alumni vide consistency and comparability and friends make this possible. That among nonprofit institutions, they said, Amherst remains mindful of do not reflect how the Institution the need to constrain costs where Greetings from Amherst. I am ex- is internally managed. In fact, the possible and to ensure that its pre- cited to have joined Amherst Col- College, the Library and the Emily cious resources are directed to those lege on May 1, 2013, as its chief Dickinson Museum (Museum) are activities most closely aligned with financial officer, and excited for this managed as independent operations, its mission. opportunity to provide you with my with separate operating budgets Annual resources for the Col- first annual report on the College’s based on the principles of fund ac- lege continue to come from three finances. My first few months on the counting. Those principles basically main sources: net student-fee rev- job have confirmed what I already divide the operation into operating enue (totaling 38 percent of Am- knew to be true about this terrific resources, which fund the day-to- herst’s net revenues), distribution institution of higher education: Am- day business of the Institution; en- from endowment (46 percent) and herst College’s students and faculty dowment resources, which help to current-use gifts and grants (12 per- are second to none; its alumni are finance the Institution over the long cent). Growth in net student-fee passionate, engaged and incredibly term; and facilities, concerned with revenue in FY 2012–13 totaled only generous; its staff is highly skilled the management and investment of 1.9% from last year, despite slightly and completely dedicated to its mis- the Institution’s physical assets. The higher enrollments and a 4.0% sion; and its financial resources are operating results for the College are increase in the comprehensive fee, broad and deep. However, Amherst on page 12, and detailed informa- due to increases in Amherst College College’s appropriately lofty ambi- tion related to the Library follows scholarships provided to students. tions and the high expectations of this narrative on page 16. These scholarships are awarded everyone affiliated with this amazing based on the financial needs of place will constantly test the limits students and families and represent of its seemingly ample financial re- AMHERST COLLEGE an important institutional prior- sources. As such, I am eager to help ity. Distribution from Amherst’s Amherst deploy these resources in Operating Results endowment continues to be a sub- an energetic yet responsible manner stantial and growing portion of the to ensure it achieves all aspects of The Fiscal Year (FY) 2012–13 College’s operating revenues. The its mission both today and far into College operating budget was ongoing support from the endow- the future. established at $148.6 million with ment remains extremely significant Following this message are an ­expectation of balanced rev- and is possible only because of the the audited financial statements for enues and expenditures. As you extraordinary generosity of alumni, the Trustees of Amherst College can see from the presentation on parents and friends of the College, (Institution), prepared in accor- page 12, overall expenditures were as well as the expertise and acu- dance with accounting standards $149.7 million, and the year ended men of the Investment Committee generally accepted in the United with a slight operating surplus of of the College. The spending rate States of America. These statements approximately $80,000. Higher- on the endowment (4.7 percent of show the individual as well as the than-anticipated net tuition and the three-year average endowment combined operations of Amherst operating gift and grant revenues value) continues to be monitored College (College) and the Folger covered unanticipated expenditures closely as the administration, trust- Shakespeare Memorial Library (Li- in the areas of student life and din- ees and campus community plan brary), as well as the assets of trusts ing auxiliary operations. Cost per for the future. The Annual Fund in which the Institution is a ben- student (excluding scholarships) and other current-use gifts continue eficiary, in one full set of financial rose to $82,983 in FY 2012–13, to be important sources of ongo- statements. For more description of an increase of 4.8 percent over the ing revenue to the College operat- the financial presentation, please see prior year. With a FY 2012–13 com- ing budget that allow Amherst to

10 s fund its most important priorities, Giving to the College economic levels to participate in including financial aid and access, the College’s fundraising efforts . superb teaching and research, facili- Cash gifts, bequests and grants Many of Amherst’s most generous ties upkeep and enhancements, and received in FY 2012–13 totaled alumni began their support of the student activities and services . $69 5. million, representing a slight College with participation in the AF . Amherst College continues to decrease of $3 .7 million compared Although their giving now includes monitor its debt portfolio in order to last year’s historic result, but endowment, facilities and life- to achieve the lowest possible overall substantially more than the total in income gifts, these donors remain cost of debt . Our debt trades very the first year of the Amherst Col- loyal supporters of the AF . Because actively and is in high demand in the lege comprehensive campaign, of this loyalty, Amherst is a national market, resulting in a very low over- which was $38 .6 million . This is a leader in alumni participation . all cost of debt . Similar to last year, remarkable achievement, given the In FY 2012–13, the College re- Amherst paid an average interest difficult economic environment that ceived $38 .9 million in new endow- rate of approximately 3 2. percent on still persists . As President Biddy ment gifts (over 2 percent of current its outstanding debt in FY 2012–13 . Martin noted in her letter, the Lives endowment valuation) and another As reported in last year’s annual of Consequence campaign came to a $2 .9 million in gifts transferred to report, Amherst issued $100 mil- highly successful conclusion during the endowment from terminated lion in fixed-rate debt in September FY 2012–13 . Officially launched life-income funds . Gifts totaling 2012, in part to finance the Science in the fall of 2008 with an initial $10 .5 million supported current Center capital project . In relation goal of $425 million, the campaign operations in such areas as instruc- to this debt issuance, the rating concluded with $502 million in tion, research, library purchases, agencies reviewed the College’s gifts to the College . The campaign scholarships and fellowships . Gifts financial resources . This review surpassed its initial goal in January for facilities totaled $6 .7 million this resulted in a downgrade by Standard 2012, nearly a year and a half before past year . & Poor’s (S&P) from AAA to AA+ the closure of the campaign in June Life-income gifts—charitable and a re­affirmation by Moody’s of 2013 . This remarkable support will remainder unitrusts and annu- Amherst’s AAA rating . Since these help the College maintain its strong ity trusts, charitable gift annuities reviews, both S&P and Moody’s financial foundation and fund im- and pooled income funds—totaled have again conducted a comprehen- portant initiatives articulated by the $3 .3 million in FY 2012–13 . These sive ratings review of the College, Committee on Academic Priorities, gifts will provide beneficiaries with and each reaffirmed Amherst’s whose report was the basis for the income during their lifetimes while rating . Even with this “split rating,” campaign . supporting a wide variety of Col- the College has very robust financial The Annual Fund (AF), com- lege programs in future years . Since and physical assets and remains in posed of the Alumni Fund and the FY 2006–07, an Internal Revenue a very competitive rating category . Parents’ Fund, raised $10 .4 million Service ruling allows the College Its cost of borrowing and access to this past year, consistent with recent to invest its charitable remainder funds remains materially unchanged . years’ results . The College uses the unitrusts in units of the endowment Amherst continually monitors its AF in the operating budget of the investment pool (referred to as an liquidity to ensure it has access to following year, so that it can budget “endowment trust” by the College) . funds to meet operational obliga- the contribution with certainty . As a result, these trusts receive the tions and to protect against any The AF will provide 6 .5 percent same market returns as the endow- potential difficulties in the remarket- of the College’s total operating ment . Donors and beneficiaries now ing of its variable-rate bonds . The budget in FY 2013–14 and remains benefit from access to the invest- College has adequate cash balances a significant source of unrestricted ment expertise of the College’s on hand and access to a number of operating revenue . It would take endowment managers, and benefi- low-cost lines of credit with several approximately $225 million in ad- ciaries receive annual income based financial institutions that provide ditional endowment principal to on the trust’s yearly market value . further security . Amherst has no generate the amount of income to This ruling contributed greatly to outstanding borrowings on any of the operating budget needed to the level of life-income gifts received these lines . replace that level of support . The and pledged . AF is the most meaningful way for alumni, parents and friends at all

11 s Facilities and Other Amherst College Capital Projects Statement of Operating Resources and Expenses President Martin’s letter addressed for the years ended June 30, 2013 and 2012 (unaudited) the decision, announced in May 2013, to halt construction on 2013 2012 the original site and design of the Resources available Science Center project, and the Student tuition and fees $ 100,294,856 $ 95,327,879 Amherst College Scholarship 43,898,021 40,985,450 subsequent decision to restart the project with a new design and on a 56,396,835 54,342,429 different site, on the eastern portion Folger Shakespeare Memorial Fund 226,000 226,000 of campus . This decision will allow Income from current fund investments 41,325 35,188 Amherst to avoid the significant Other 7,124,168 6,058,374 costs that would have been incurred 63,788,328 60,661,991 to construct the facility on the origi- Restricted expendable funds availed of—net (2,025,715) (585,556) nal site, and thus will strengthen the 61,762,613 60,076,435 College’s financial outlook despite the expenditure of funds on the Current expenses original project . Since much of the Educational and general work on the initial site related to Instruction 36,693,805 35,290,355 site preparation and infrastructure, Academic support 12,738,855 12,056,281 a portion of these expenditures will Research 3,777,902 3,826,690 Library 5,951,920 6,061,235 carry future benefit for the College . Student services 16,607,622 16,049,308 In addition, the siting of the new fa- Operation and maintenance of plant 19,548,353 19,966,734 cility on the current location of the Administration and general 16,522,634 16,767,6 41 Social Dorms will accelerate a series Pensions and professional fees 5,024,002 3,581,186 of dorm upgrades that have been 116,865,093 113,599,430 envisioned for some time . A portion of the needed funds for these dorm Academic awards 1,138,256 1,054,775 replacements is already in hand Auxiliary activities 14,923,073 13,433,727 Debt service 16,744,820 13,190,411 and designated for this purpose . Non-educational 30,498 44,265 I look forward to reporting to you 32,836,647 27,723,178 about the progress and funding of these exciting projects in the com- Total current expenses 149,701,740 141,322,608 ing years . The past year has seen con- Deficit before support from Alumni and Friends (87,939,127) (81,246,173) tinued progress toward meeting Distribution from endowment 69,527,252 62,871,582 the College’s goal of enhancing Gifts and grants for operating purposes 8,187,722 8,380,034 its residential facilities under the Annual Fund 10,304,856 10,007,074 Residential Master Plan (RMP) . After the completion in 2006 of Total Support from Alumni and Friends 88,019,830 81,258,690 the first phase of the RMP, which Surplus $ 80,703 $ 12,517 focused on developing the First- Year Quadrangle, attention was turned to upgrading the upperclass dorms . Since then, the College has programmatic enhancements . The sustainable-design philosophies and focused on the renovation of former Seligman House renovation was includes energy-efficient lighting, fraternity houses with projects that completed on time in August 2013, HVAC heat reclamation and insula- address design-life-cycle issues while and the house has opened to rave tion systems that far exceed energy preserving the historic fabric and reviews . The design for Seligman code requirements . introducing needed upgrades and is in keeping with the College’s The College completed its

12 s ambitious renovation of Pratt Field, improve the energy-efficiency of also outperformed the College’s a beacon of small-college athletic the buildings . Amherst College strategic policy benchmark, which tradition and the third-oldest sets aside funds annually to address rose 12 .1 percent for the period . NCAA football-playing site in the deferred maintenance needs such Relative to public equity indices, the nation . This project was completed as these, which will always be acute College’s return was mixed, with in less than one full year, just in time on an older campus in a climate the S&P 500 Index generating a for Amherst’s first home football that is often harsh and unforgiving . return of 20 .6 percent for the fiscal game in September 2013 . The As a result, Amherst is continu- year, the MSCI EAFE Index rising project included a new field house, ously evaluating the adequacy of its 18 .6 percent and the MSCI Emerg- grandstands and a track that will annual and accumulated funding ing Markets Index gaining 3 .2 per- allow it to host championship-level for such projects, and considers a cent . Developed market equities track meets for the first time since wide variety of potential funding were among the highest-performing 1996 . The project was approved sources for these needed expendi- global asset classes during the fiscal by trustees in the spring of 2012 tures, including debt proceeds and year . The College’s relative under­ and made possible by donors with philanthropy . performance against developed philanthropic interests focused on market indices was due to a more athletics . diversified investment strategy with The College acquired the Old College and Library lower exposure to U S. . equities Baptist Church at 79 South Pleasant Endowment and and higher exposure to hedged Street in 2008 . This building—and Similar Funds strategies . However, the College’s its parcel, which has more than return outperformed the 60 percent 20 parking spaces—is contiguous For the year ended June 30, 2013, S&P 500 Index/40 percent Bar- with the campus and adjacent to the return on the College’s invest- clays U .S . Aggregate Bond Index Hitchcock House . This property ments was 13 0. percent, net of all blended return of 11 .7 percent . allows the College to strategically investment-management fees and Overall, the College’s FY expand its campus footprint . 79 related expenses . The investment 2012–13 return compared favorably South Pleasant has been repurposed gains in the portfolio significantly to those of several peer institutions, through an adaptive-reuse renova- outpaced the draw on the endow- and ranks in the top quartile for tion (construction was completed ment, with the overall value of the returns on college and university en- in the fall of 2013), so that it can portfolio closing at $1 .824 bil- dowments . Longer-term results are house administrative departments, lion, well above the previous year’s quite strong, with the College’s 10-, including Human Resources, Public value of $1 .641 billion . The Folger 15- and 20-year annualized returns Affairs and the Investment Office, Shakespeare Memorial Library’s standing at 10 .1 percent, 10 .8 per- as well as the Five College Center Endowment Fund increased from cent and 11 .6 percent, respectively . for the Study of World Languages . $260 2. million to $281 8. mil- These returns rank in the top decile The building is both architecturally lion during the fiscal year . Funds of returns on college and university and historically significant, so great managed by the trustees under endowments . care was exercised to ensure that the life-income agreements totaled The College’s public equity renovation returned the building $81 4. million on June 30, 2013, managers, in large part, produced to its original elegant but restrained showing a net increase of $5 .0 mil- positive relative returns . U .S . Equity aesthetic . lion from the prior year . Gifts of managers, as a group, outperformed Additional renovation projects $38 9. million and another $2 9. mil- the S&P 500 Index, Global Equity are under way in several other build- lion in transfers to the endowment managers outperformed the MSCI ings, including College Hall and from terminated life-income funds World and MSCI EAFE Indices, Converse Hall . These projects ad- also contributed to the College’s and the College’s European-focused dress mechanical and infrastructural endowment for the year . manager outperformed the S&P needs of these beautiful and impor- On an absolute basis, the Europe Small Cap Index . The tant, yet aging, buildings . Successful College’s investment return of College’s Asian Equity managers completion of the projects will ex- 13 .0 percent for the fiscal year was outperformed the MSCI Asia ex tend the useful lives of the buildings encouraging, outpacing the long- Japan Index, and Emerging Markets for decades to come . Each project term annual return estimate of Equity managers generally were will address accessibility issues and 6 .0 percent . The College’s return ahead of the MSCI Emerging Mar-

13 s kets Index . The College’s Equity Strategic Actual Hedge Fund managers, in aggre- Policy Asset gate, outperformed the HFRI Eq- Target Allocation uity Hedge Index . Absolute Return Global Equities (public and private) 55% 55% managers significantly outperformed the HFRI Fund-of-Funds Com- Absolute Return 20% 20% posite Index, while the College’s Real Assets (natural resources and 15% 17% Fixed Income and Credit managers real estate) outperformed the Barclays U .S . Ag- Fixed Income and Credit (includes 10% 8% gregate Bond Index . Finally, Private cash) Capital strategies contributed to Total Pool 100% 100% performance during the year, led by strong returns from Venture portfolio . The new commitments as the Barclays U .S . Aggregate Bond Capital, Private Equity and Private during the year represented invest- Index dropped 1 .1 percent and the Oil & Gas partnerships . Private ments with five new managers, as J .P . Morgan Global Government Real Estate investments produced well as recommitments with four Bond Index returned 0 .9 percent, high-single-digit returns for the existing managers . While the Invest- its worst performance in the past year, and Timber investments were ment Committee acknowledges the seven fiscal years . Commodity also positive . Over the past year, the preference to pursue liquid strate- markets also faced some headwinds, College continued its emphasis on gies when available, the opportunity with the MSCI World Natural investing in liquid strategies when to invest with top-tier managers Resources Equity Index gaining possible and took steps to further within the various private capital 3 1. percent for the year . A continu- enhance its Emerging Markets strategies will continue to be an ing concern regarding an economic Equities portfolio . In aggregate, the important component of future slowdown in China weighed on College slightly increased overall success . commodity markets . equity exposure (up from 51 per- The Investment Committee Worldwide, equity markets cent to 55 percent) . Importantly, continues to categorize the endow- continue to be bolstered by struc- within the broader public equity ment across four broad asset classes: tured credit market liquidity infu- portfolio, exposure was shifted Global Equities, Absolute Return, sions by central banks across the away from Hedged Equity strate- Fixed Income/Credit/Cash and globe . This benign environment has gies in favor of opportunities within Real Assets . The strategic policy reduced market volatility roughly un-hedged, long-only U .S ., Global portfolio targets, along with actual 40 percent below the average of the and Asian Equities . The College asset allocation levels as of Sept . 30, past decade . The housing market increased its exposure to Absolute- 2013, are shown in the table above . within the U S. . has stabilized and is Return-oriented strategies, adding Developed market ­equities showing signs of an upward trend . a combined $55 million to two reversed their losses from FY 2011– However, the impact and timing of existing relationships within the 12, with the MSCI World Index Fed tapering remains a question, Absolute Return portfolio . Funding gaining 18 6. percent and the and despite political uncertainty for the increases to Absolute Return S&P 500 rising 20 6. percent, eclips- and partial government shutdown, and Public Equities came from the ing its last peak, which occurred in the economy continues to recover . Fixed Income and Credit portfolios . 2007 . The rise in developed mar- While the potential for an unravel- Within Fixed Income and Credit, kets was fairly steady during the ing of the Eurozone seems to have the College continues to maintain a year, with few market corrections . passed and European economic short-duration portfolio . Finally, the Developing markets had a relatively recovery is slowly taking hold, con- College selectively made new invest- more difficult year, as evidenced by cerns remain regarding high unem- ments to private investment strate- the 3 2. percent return on the MSCI ployment and ongoing deleveraging gies, predominantly in Real Assets Emerging Markets Index . May and within many parts of the region . A and Venture Capital . June proved to be a very volatile decline in China’s expected growth The College continues to period for Emerging Markets strate- rate continues to be a global growth closely monitor and manage its gies, as the Index declined 8 .7 per- threat and has also impacted com- commitments to nonmarketable cent . Bond markets were largely modity markets . (private) investments within the disappointing during the fiscal year, A year ago, we mentioned the

14 s concerns within the U S. . of a pend- tennial in 2021 . To support these ditionally, we will support Strategic ing “fiscal cliff,” along with the efforts, a cross-functional team Planning working groups with uncertainty of a national election of representatives from the Col- diligent financial analysis that will and a monetary stimulus policy that lege’s administration and Board of help them present ideas that are not had no clear end date . There were Trustees has been reviewing the only compelling on their merits but significant financial and economic financial model of the College, past, structured in such a way that they concerns throughout Europe, and present and future . We have been are financially achievable . conditions within the Middle East evaluating the College’s financial On a final note, I want to were fragile at best . Despite these strengths and challenges, as well as express thanks and extend a word concerns, developed markets pro- possible changes in the landscape of of congratulations from myself and duced outsized equity returns with higher education that may impact the Amherst community to Shannon historically low volatility . A year our financial capacity . We have also Gurek, who most recently served as later, many of these concerns remain begun to “stress-test” our finan- Amherst’s Interim Treasurer . Shan- unresolved, and the continued cial projections, so that we can be non stepped into a new and exciting escalation of a civil war within Syria prepared in the event that external role as vice president for finance has the attention of people across economic circumstances prove to and administration and treasurer the world . Increased volatility within be more favorable or challenging at Mount Holyoke College . Our markets may well be inevitable as we than we are envisioning . This is thanks to Shannon for 17 years of begin FY 2013–14 . especially important for an institu- terrific service to Amherst, and best The Investment Committee tion such as Amherst that draws a wishes to her in this new role . and Investment Staff continue to comparatively large proportion of It is a terrific privilege to serve maintain a strong focus on capital its revenues from its endowment, you as Amherst’s chief financial preservation within the endowment . which is subject to uncontrollable officer, and I look forward to my The ability to invest for the long economic cycles . This work, which interactions with each of you . It is a term allows the College to navigate is only just beginning, has gener- great pleasure to be here . near-term noise within markets and ated some spirited discussions, produce attractive risk-adjusted healthy debates and critical thinking returns for the endowment . already amongst trustees, faculty, As President Martin mentioned, staff and students . I look forward to Amherst is embarking upon an deeper engagements with still more Kevin C . Weinman exciting Strategic Planning process, constituencies within the Amherst Chief Financial Officer directed by Provost Peter Uvin, that community, including alumni, in will lead to the College’s bicen- the coming months and years . Ad-

15 s Folger Shakespeare Memorial Library

FY13 stands out for a number of Cane—and several exhibits were Henry V, and Twelfth Night—and reasons, not the least of which were offered to visitors in other parts of winning a Helen Hayes Award for two opportunities for Amherst and the building during the renovation, Outstanding Resident Production the Folger to further strengthen our including The Folgers Our Founders for 2012’s The Taming of the Shrew . collegial relationships . A summit in and The Robben Island Shakespeare, Folger Consort celebrated the music November 2012 brought together a volume of the plays signed by of city, court, and countryside in its staff and board members from the Nelson Mandela and other South lively 2012/13 season, and Folger two institutions to explore ways in African political prisoners . Poetry once again presented a stellar which we can collaborate to better Folger Theatre was once again line-up of poets in its O .B . Hardison share resources and enhance the at the top of its game, presenting Poetry Series, including Kay Ryan, goals of both . Shared goals were four plays—the Shakespeare’s Globe Mark Strand, and former U .S . Poet also the theme of the joint Amherst- Hamlet, The Conference of the Birds, Laureate Billy Collins . Folger exhi- Folger Board meeting in January 2013, where the agenda focused on ways to further our mutual commit- Folger Shakespeare Memorial Library ment to the humanities . At the Folger, the year’s activi- Statement of Operating Resources and Expenses ties centered on the development for the years ended June 30, 2013 and 2012 (unaudited) of a Strategic Plan, which the Board of Governors approved in 2013 2012 June . Board Chair Paul Ruxin, who Resources available stepped down at the end of the fiscal Distribution from endowment $ 11,250,633 $ 10,927,942 year, called the plan a “thoughtful, Income from current fund investments 388 132 U .S . Government grants 1,155,740 careful, ambitious yet achievable 512,200 Gifts and other grants 1,962,052 1,562,596 [plan that] does not propose to Other 3,621,130 3,200,856 fundamentally change Folger, but 17,989,943 16,203,726 to make it better .” Mr . Ruxin will be succeeded by Louis Cohen, who Restricted expendable funds availed of—net 379,903 (53,089) chaired the ad hoc Strategic Plan- ning Committee; Philip Deutch was Appropriation for collection acquisitions (300,000) (300,000) elected Vice-Chair . Other member- 18,069,846 15,850,637 ship changes included the resigna- tion of Motley Fool co-founder Current expenses Administration and general 6,102,954 5,509,598 David Gardner and the election Development office 724,342 574,173 of bibliophile and businessman Central Library 3,703,796 3,421,783 Stuart Rose . Museum Shop and Rental Properties 433,177 442,978 Implementation of the Strategic Academic research 1,529,451 1,463,705 Plan began immediately with a reno- Education programs 576,970 565,173 Public programs 2,945,646 2,740,016 vation of the Great Hall to restore Grant activities 969,013 433,686 natural light to the exhibition space . 16,985,349 15,151,112 Two exhibitions were mounted prior to the ­construction—Very 1,084,497 699,525 Like a Whale, curated by artist and photographer Rosamond Purcell Reserve transfer (680,000) (294,910) and Folger Director Michael Wit- Plant transfer for building projects (400,000) (400,000) more, and Nobility and Newcomers $ 4,497 $ 4,615 in Renaissance Ireland, curated by Thomas Herron and Brendan

16 s

bitions and plays inspired lectures ment for the Humanities grant, with from 24 countries, while continu- on magic, Ireland and the Celts, and one reviewer noting, “This is one of ing to expand digital access through Shakespeare in Kabul . the most important libraries and one projects such as the recently-­ Folger Education’s outreach of the most important fellowships completed NEH-funded project continued with a 2013 electronic for anyone studying Shakespeare that resulted in the cataloging of field trip, Experiencing Shakespeare: and/or early modern literature and more than 10,000 items in the Up On Your Feet, that attracted culture .” Shakespeare Collection . 66,000 domestic and 6,578 inter- The library acquired a number As the Folger embarks on the national participants . At the Folger of significant items during the year, implementation of its Strategic Institute, a fall conference on Early including three master drawings by Plan—with an overall goal that Modern Cities in Comparative Per- George Romney (1734–1802) and Michael Witmore calls “meeting spective drew scholars from a dozen historic letters penned by Thomas people where they are and tak- humanities disciplines . Shakespeare Cromwell (concerning Henry VIII’s ing scholars where they need to Quarterly continued to develop impending marriage to Anne of go”—we at Amherst look forward innovative new forums for scholars, Cleves), by King James I, and by to continuing to build and nourish and the fellowship program was the his wife, Anne of Denmark . Library productive relationships with our beneficiary of a National Endow- staff welcomed 715 onsite readers many colleagues there .

17 s Amherst College s Twenty Years in Review

2013 2012 2008 2003 1998 1993

Assets (000’s omitted) Total Assets $ 2,728,400 $ 2,450,335 $ 2,309,170 $ 1,252,835 $ 811,835 $ 435,172 Endowment Funds at Market 1,823,748 1,640,666 1,705,917 877,151 539,800 327,233 Life Funds at Market 81,371 76,432 79,533 63,522 62,854 24,099 Student Loans Outstanding 2,851 3,125 4,126 3,833 4,688 3,107

Income (000’s omitted) Net Student Income 56,397 54,342 49,132 39,451 34,666 27,088 Student Income—% of Operating Expenditures 37 .7 % 38 .5% 40 .3% 47 1%. 54 .8% 52 1%. Gifts, Bequests, and Grants Received $ 69,487 $ 73,209 $ 77, 311 $ 24,538 $ 35,857 $ 13,593 Annual Fund, utilized 10,305 10,007 9,642 7,185 5,340 3,705 Endowment Income Distributed 69,527 62,872 45,614 27, 528 16,329 13,325

Expenditures (000’s omitted) Net Operating Expenditures 149,702 141,323 121,918 83,675 63,262 51,943 Educational and General 116,865 113,599 100,582 72,664 53,760 43,642

Scholarships Awarded (000’s omitted) 43,898 40,985 26,459 17,181 11,469 8,762

Miscellaneous Number of Students, average for year 1,805 1,783 1,674 1,607 1,608 1,575 Comprehensive Fee $ 55,510 $ 53,370 $ 45,000 $ 35,180 $ 28,680 $ 22,700 Net Cost per Student (net of scholarships) 82,937 79,261 72,830 52,069 39,354 32,980 Endowment per student, based on fall enrollment 1,003,714 916,061 1,016,637 540,784 329,548 204,904 Student Loans Granted 292 280 671 602 695 728

Comparative Investment Performances (Total Return Indexed) Amherst College Consolidated Fund 890 787 756 341 190 100 Standard and Poor’s 500 527 437 375 260 282 100 Barclays Aggregate 312 314 242 201 139 100 MSCI EAFE Net 297 249 299 136 164 100

Investments (000’s omitted) Funds (at market) Consolidated Fund $ 1,822,693 $ 1,639,588 $ 1,703,808 $ 874,981 $ 530,430 $ 320,042 Folger Shakespeare Memorial Library 281,771 260,210 293,463 156,590 107,756 65,622 Separately Invested Endowment Funds 1,056 1,078 2,109 2,170 9,370 7,191 Immediate Life Income Funds 6,143 6,498 8,991 11,479 11,321 7, 377 Balanced Life Income Funds 6,666 8,054 7,977 6,298 6,261 2,930 Life Growth Fund 21 Gift Annuities 7,795 7, 50 4 6,929 4,508 Separately Invested Life Funds 60,767 54,376 55,636 41,237 45,272 13,771 Folger Life Income Funds 899 855 862 1,188 Other Investments 279,748 263,615 122,249 29,590 Total Funds $ 2,4 67,538 $ 2,241,778 $ 2,202,024 $ 1,128,041 $ 710,410 $ 416,954

Investments by asset allocation Cash and cash equivalents $ 121,360 $ 90,314 $ 64,704 $ 91,970 $ 10,285 $ 26,369 Domestic equities 195,931 103,413 176,995 175,998 299,147 216,638 Foreign equities 305,909 261,604 285,343 77,010 35,541 29,646 Global equities 79,609 86,216 89,244 Private equities 428,179 436,258 420,531 139,351 161,580 5,706 Fixed income 184,096 255,625 159,730 212,427 151,861 123,986 Absolute return 719,869 603,794 622,937 329,163 12,640 Natural resources 421,762 392,970 370,243 99,071 16,658 Other investments 10,823 11,584 12,297 3,051 22,698 14,609 Total Investments $ 2,4 67,538 $ 2,241,778 $ 2,202,024 $ 1,128,041 $ 710,410 $ 416,954

18 s Independent Auditor’s Report To the Board of Trustees of Amherst College: We have audited the accompanying consolidated and individual balance sheets and the related consolidated and individual statements of activities and cash flows present fairly, in all material respects, the consolidated financial position of the Trustees of Amherst College (the “Institution”) and the individual financial positions of Amherst College (the “College”) and Folger Shakespeare Memorial Library (the “Library”) at June 30, 2013, and the consolidated and individual changes in their net assets and their consolidated and individual cash flows for the year then ended . Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error . Auditor’s Responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audits . We conducted our audits in accordance with auditing standards generally accepted in the United States of America . Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement . An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements . The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error . In making those risk assessments, we consider internal control relevant to the Institution’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Institution’s internal control . Accordingly, we express no such opinion . An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements . We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion . Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Institution, the College and the Library at June 30, 2013, and the results of their operations and their cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America .

October 28, 2013

PricewaterhouseCoopers LLP, 185 Asylum Street, Suite 2400, Hartford, CT 06103-3404 T: (860) 241 7000, F: (860) 241 7590, www.pwc.com/us

19 s The Trustees of Amherst College Balance Sheet June 30, 2013

Folger Shakespeare Amherst Memorial College Library Total Assets Cash and cash equivalents $ 53,576,427 $ 3,223,411 $ 56,799,838 Short term investments 41,645,878 41,645,878 Accounts receivable, net 3,424,765 510,725 3,935,490 Accrued interest receivable 904,614 77,952 982,566 Contributions receivable, net 58,318,428 89,248 58,4 07,676 Beneficial interest in perpetual trusts 15,595,876 15,595,876 Other assets 5,476,472 342,599 5,819,071 Investments 2,182,988,107 284,549,908 2,4 67, 538,015 Student loans receivable, net 2,863,149 2,863,149 Mortgages and notes receivable 431,426 1,180,000 1,611,426 Property, plant and equipment, net 363,175,075 40,882,344 4 0 4,057,419 Total assets $2,728,400,217 $330,856,187 $3,059,256,404

Liabilities and Net Assets Accounts payable $ 12,354,916 $ 662,644 $ 13,017, 560 Accrued liabilities 6,613,634 375,952 6,989,586 Deferred income and deposits 3,111,942 512,978 3,624,920 Liability for life income obligations 41,230,984 461,535 41,692,519 Pension and postretirement benefit obligations 48,858,280 5,555,050 54,413,330 Bonds payable 405,274,065 405,274,065 Government grants refundable 1,989,469 1,989,469 Interest rate swap agreement 11,349,806 11,349,806 Asset retirement obligations 8,803,378 152,666 8,956,044 Other liabilities 4,294,153 429,340 4,723,493 Total liabilities 543,880,627 8,150,165 552,030,792 Net Assets Unrestricted 781,084,891 61,462,743 8 4 2, 5 47,63 4 Temporarily restricted 956,760,223 236,454,143 1,193,214,366 Permanently restricted 446,674,476 24,789,136 471,463,612 Total net assets 2,184,519,590 322,706,022 2,507,225,612 Total liabilities and net assets $2,728,400,217 $330,856,187 $3,059,256,404

The accompanying notes are an integral part of these financial statements .

20 s The Trustees of Amherst College s Amherst College Statement of Activities for the year ended June 30, 2013

Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 79,658,478 $ 79,658,478 Residence and dining hall revenue 20,636,378 20,636,378 Less Amherst College scholarships awarded (43,898,021) (43,898,021) Net student fee revenue 56,396,835 56,396,835 Other revenue, gains and other additions Investment income 26,977,349 $ 24,953,852 $ 881,897 52,813,098 Realized gain on investments, net of fees 686,615 84,900,482 7, 868 85,594,965 Unrealized gain on investments 42,853,887 65,035,012 970,012 108,858,911 Change in net value of life income funds (2,904,501) 1,545,533 (1,358,968) U .S . Government grants 385,986 1,332,332 1,718,318 Gifts and other grants 11,759,890 22,491,638 8,476,058 42,727,586 Unrealized gain and net settlement on interest rate swap 5,465,340 5,465,340 Other 11,054,721 196,412 11,251,133 Net assets released from restrictions 91,953,808 (91,953,808) Total revenue, gains and other additions 2 47,534,431 104,051,419 11,881,368 363,467,218

Expenditures and other deductions Instruction and academic programs 44,841,001 44,841,001 Academic support 17,019,060 17,019,060 Student services 21,270,729 21,270,729 Library 8,933,737 8,933,737 Research and public programs 3,861,300 3,861,300 Administrative and general 19,717, 501 19,717,501 Academic prizes, fellowships and awards 886,967 886,967 Auxiliary activities 25,993,490 25,993,490 Expenses related to revision of science center project 20,245,850 20,245,850 Other 10,842,236 10,842,236 Total expenditures and other deductions 173,611,871 173,611,871 Increase in net assets 73,922,560 104,051,419 11,881,368 189,855,347 Net assets, beginning of year 707,162,331 852,708,804 434,793,108 1,994,664,243 Net assets, end of year $781,084,891 $956,760,223 $446,674,476 $2,184,519,590

The accompanying notes are an integral part of these financial statements .

21 s The Trustees of Amherst College s Folger Shakespeare Memorial Library Statement of Activities for the year ended June 30, 2013

Temporarily Permanently Unrestricted Restricted Restricted Total Other revenue, gains and other additions Investment income $ 6,602,925 $ 9,232 $ 6,612,157 Realized (loss) gain on investments, net of fees (3,023,843) 14, 837,608 11,813,765 Unrealized gain on investments 1,460,146 13,643,452 15,103,598 Change in net value of life income funds (46,420) $ (36,099) (82,519) U .S . Government grants 186,728 969,012 1,155,740 Gifts and other grants 1, 3 47,412 1,175,233 155,838 2,678,483 Other 3,482,999 138,284 3,621,283 Net assets released from restrictions 10,363,103 (10,363,103) Total revenue, gains and other additions 20,419,470 20,363,298 119,739 40,902,507

Expenditures and other deductions Instruction and academic programs 1,592,892 1,592,892 Library 5,650,112 5,650,112 Research and public programs 4,273,196 4,273,196 Administrative and general 4,401,646 4,401,646 Other 799,745 799,745 Total expenditures and other deductions 16,717,591 16,717,591 Increase in net assets 3,701,879 20,363,298 119,739 24,184,916 Net assets, beginning of year 57,760,86 4 216,090,845 24,669,397 298,521,106 Net assets, end of year $61,462,743 $236,454,143 $24,789,136 $322,706,022

The accompanying notes are an integral part of these financial statements .

22 s The Trustees of Amherst College Statement of Activities: Total for the year ended June 30, 2013

Temporarily Permanently Unrestricted Restricted Restricted Total Revenues, gains and other additions Student fee revenue $ 79,658,478 $ 79,658,478 Residence and dining hall revenue 20,636,378 20,636,378 Less Amherst College scholarships awarded (43,898,021) (43,898,021) Net student fee revenue 56,396,835 56,396,835 Other revenue, gains and other additions Investment income 33,580,274 $ 24,963,084 $ 881,897 59,425,255 Realized (loss) gain on investments, net of fees (2, 337, 228) 99,738,090 7, 868 97,408,730 Unrealized gain on investments 44,314,033 78,678,464 970,012 123,962,509 Change in net value of life income funds (2,950,921) 1,509,434 (1,441,487) U .S . Government grants 572,714 2,301,344 2,874,058 Gifts and other grants 13,107,302 23,666,871 8,631,896 45,406,069 Unrealized gain and net settlement on interest rate swap 5,465,340 5,465,340 Other 14,537,720 334,696 14,872,416 Net assets released from restrictions 102,316,911 (102,316,911) Total revenue, gains and other additions 267,953,901 124,414,717 12,001,107 404,369,725

Expenditures and other deductions Instruction and academic programs 46,433,893 46,433,893 Academic support 17,019,060 17,019,060 Student services 21,270,729 21,270,729 Library 14,583,849 14,583,849 Research and public programs 8,134,496 8,134,496 Administrative and general 24,119,147 24,119,147 Academic prizes, fellowships and awards 886,967 886,967 Auxiliary activities 25,993,490 25,993,490 Expenses related to revision of science center project 20,245,850 20,245,850 Other 11,641,981 11,641,981 Total expenditures and other deductions 190,329,462 190,329,462 Increase in net assets 77,62 4,439 124,414,717 12,001,107 214,040,263 Net assets, beginning of year 764,923,195 1,068,799,649 459,462,505 2,293,185,349 Net assets, end of year $842,547,634 $1,193,214,366 $471,463,612 $2,507,225,612

The accompanying notes are an integral part of these financial statements .

23 s The Trustees of Amherst College Statement of Cash Flows for the year ended June 30, 2013

Folger Shakespeare Amherst Memorial College Library Total Cash flows from operating activities Increase in net assets $189,855,347 $24,184,916 $214,040,263 Adjustments to reconcile increase in net assets to net cash used in operating activities: Depreciation 14,535,485 752,569 15,288,054 Unrealized gain on investments (108,858,911) (15,103,598) (123,962,509) Change in net value of life income obligations (1,358,967) (82,519) (1,441,486) Unrealized gain on interest rate swap agreement (7,666,386) (7,666,386) Change in beneficial interest in perpetual trusts (970,012) (970,012) Realized gain on investments, net (122,119,287) (16,282,384) (138,401,671) Contributions to permanent restricted endowment (37,496, 5 41) (5,750) (37, 502, 291) Contributions to life income agreements (3,174,880) (893) (3,175,773) Contributions to plant (5,222,807) (5,222,807) Receipt of contributed securities (31,928,063) (133,274) (32,061,337) Change in bond discount (428,535) (428,535) Expenses related to revision of science center project 20,245,850 20,245,850 (Increase) decrease in assets: Accounts receivable, net 3,238,154 (141,066) 3,097,088 Accrued interest receivable (269,317) (1,652) (270,969) Contributions receivable 22,034,382 16,611 22,050,993 Other assets 1,040,042 (47,737) 992,305 Increase (decrease) in liabilities: Accounts payable 2,304,319 382,665 2,686,984 Accrued liabilities 2, 337,6 65 (26,574) 2,311,091 Deferred income and deposits 219,344 25,543 244,887 Liability for life income obligations 6,781,776 160,342 6,942,118 Pension and postretirement benefit obligations (5,386,772) (41,968) (5,428,740) Asset retirement obligations (1,310,408) 5,103 (1,305,305) Other liabilities (245,968) (38,364) (284,332) Net cash used in operating activities (63,844,490) (6,378,030) (70,222,520)

Cash flows from investing activities Purchases of plant and equipment, net (46,759,229) (2,222,739) (48,981,968) Net change in mortgages and student loans receivable 260,861 60,000 320,861 Proceeds from sales of contributed securities 31,906,763 133,274 32,040,037 Purchases of short term investments (41,401,789) (41,401,789) Purchases of investments (354,484,894) (47,748,210) (402,233,104) Proceeds from sales and maturities of investments 385,865,244 57,379,779 443,245,023 Net cash (used in) provided by investing activities (24,613,044) 7,602,104 (17,010,940)

24 s The Trustees of Amherst College Statement of Cash Flows (continued) for the year ended June 30, 2013

Folger Shakespeare Amherst Memorial College Library Total Cash flows from financing activities Contributions to plant $ 5,222,807 $ 5,222,807 Contributions to life income agreements 3,174,880 $ 893 3,175,773 Contributions to permanent restricted endowment 37,496, 5 41 5,750 37, 502, 291 Payments to beneficiaries under split interest agreements (4,369,778) (37,703) (4,407,481) Decrease in government grants refundable (31,033) (31,033) Proceeds from bond issuance 100,000,000 100,000,000 Payments on long-term debt/line of credit (9,405,000) (9,405,000) Net cash provided by (used in) financing activities 132,088,417 (31,060) 132,057,357 Net change in cash and cash equivalents 43,630,883 1,193,014 44,823,897 Cash and cash equivalents, beginning of year 9,945,544 2,030,397 11,975,941 Cash and cash equivalents, end of year $ 53,576,427 $3,223,411 $ 56,799,838 Supplemental data Interest and net swap settlements paid $ 11,767,222 $ 11,767,222 Gifts in kind 1,276,943 1,276,943 Purchases of plant and equipment included in accounts payable 6,453,075 6,453,075 Contributed securities $ 31,890,320 $ 133,274 $ 32,023,594

The accompanying notes are an integral part of these financial statements .

25 s The Trustees of Amherst College Notes to Financial Statements

1. Accounting Policies Organization The Trustees of Amherst College (the “Institution”) include the activities of Amherst College (the “College”) and Folger Shakespeare Memorial Library (the “Library”) . The College is an academi- cally rigorous, residential, full-time, private, nonsectarian institution of higher education committed to the liberal education of young men and women . The Library is a center for advanced research in Shakespeare and the early modern period . It also sponsors a rich and varied season of cultural, educa- tional and academic programs and is the home of The Shakespeare Quarterly . In accordance with the terms of the wills of Henry Clay Folger, Class of 1879, and his wife, Emily Jordan Folger, the Institution established the Folger Shakespeare Memorial Library . The original gift to establish the Library provides that 25% of the Folger Fund annual investment income up to a maximum of $226,000 is to be distributed for the general operations of the College . The maximum was distributed in fiscal year 2013 . The Institution qualifies as a tax-exempt, not-for-profit organization under Section 501(c)(3) of the Internal Revenue Code . Accordingly, no provision for income taxes has been made . The Institution owns 100% of the common stock of Amherst Inn Company (the “Company”) . The Company has been consolidated in the Institution’s financial statements . In November 2011, the Company closed a transaction with two financial institutions (the “HTC Investors”) related to the historic rehabilitation of the Lord Jeffery Inn (the “Project”) . The Proj- ect, completed in 2011, will help to ensure the preservation and protection of a historic structure through the restoration of the historic interior and exterior of the Lord Jeffery Inn . Because the Company may not have been able to take full advantage of available historic tax credits, the Com- pany entered into a venture with the HTC Investors for this Project . The HTC Investors agreed to contribute an aggregate of approximately $2 .8 million to the project in four installments from the closing date in 2011 through expiration of the historical tax credit recapture period in 2016, subject to the Company’s achievement of certain conditions that include its compliance with applicable fed- eral regulations . As of June 30, 2013, the HTC Investors have paid $2 .5 million for these credits; however, since the payment is subject to recapture if certain conditions are not met, 80%, or approxi- mately $2 0. million, of this contribution has been included in Other Liabilities in the consolidated balance sheet . In exchange for their contributions, the HTC Investors will receive substantially all of the benefits derived from the tax credits .

Basis of The financial statements have been prepared on the accrual basis of accounting . The preparation of Presentation financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingencies at the date of the financial statements and revenues, gains and expenses recognized during the reporting period . Actual results could differ from those estimates . The Institution’s significant estimates include the fair value of its alternative invest- ments, reserves for contributions, student loans and accounts receivable, retirement and postretire- ment benefit obligations, asset retirement obligations, and its liability for life income obligations . The classifications of net assets and revenues, expenses, gains, and losses are determined by the exis- tence or absence of donor-imposed restrictions . In the accompanying financial statements, net assets that have similar characteristics have been combined as follows: Permanently Restricted— Net assets subject to donor-imposed stipulations that they be maintained permanently by the Institution . Generally, the donors of these assets permit the Institution to use all or part of the income earned on these assets . Such assets primarily include the Institution’s permanent endowment funds .

26 s

Temporarily Restricted— Net assets whose use by the Institution is subject to donor-imposed stip- ulations that can be fulfilled by actions of the Institution or that expire by the passage of time . Realized and unrealized gains and losses on perma- nently and temporarily restricted donor funds are recorded as temporarily restricted net assets in accordance with Massachusetts law . Unrestricted— Net assets that are not subject to donor-imposed stipulations . Net assets may be designated for specific purposes by action of the Board of Trust- ees or may otherwise be limited by contractual agreements with outside parties . Contributions are reported as increases in the applicable category of net assets . Expenses are reported as decreases in unrestricted net assets . Gains and losses on investments are reported as increases or decreases in the applicable category of unrestricted net assets unless their use is restricted by explicit donor stipulations or by law . Revenues from other sources are generally reported as increases in un- restricted net assets . Expirations of temporary restrictions recognized on net assets (i .e ., the donor stipulated purpose has been fulfilled and/or the stipulated time period has elapsed) are reported as re- classifications from temporarily restricted net assets to unrestricted net assets . Temporary restrictions on gifts to acquire long-lived assets are considered met in the period in which the assets are acquired or placed in service . Contributions, including unconditional promises to give, are recognized as revenues in the period the commitment is received . Contributions received with donor imposed restrictions are reported as permanently or temporarily restricted revenues depending upon the specific restriction . Conditional promises to give are not recognized until the conditions on which they depend are substantially met . Contributions of assets other than cash are recorded at their estimated fair value at the date of gift . Contributions to be received after one year are discounted at a rate commensurate with the risk involved . Amortization of the discount is recorded as contribution revenue . Allowance is made for uncollectible contributions based upon management’s judgment and analysis of the creditworthiness of the donors, past collection experience and other relevant factors . Grant revenue from exchange contracts is recognized in the period in which the grant expenditures are incurred .

Interpretation Absent explicit donor stipulations to the contrary, The Board of Trustees of the Institution has inter- of Relevant Law preted Massachusetts’ Uniform Prudent Management of Institutional Funds Act (“UPMIFA”) stat- ute, which was enacted in July 2009, and related Commonwealth of Massachusetts Attorney General guidance to require the preservation of donor-restricted endowment funds at their fair value mea- sured on the date of the gift . As a result of this interpretation, the Institution classifies as permanently restricted net assets (a) the original value of gifts donated to the permanent endowment and (b) ac- cumulations to the permanent endowment made in accordance with the direction of the applicable donor gift instrument at the time the accumulation is added to the fund . The remaining portion of the donor-restricted endowment fund that is not classified as permanently restricted net assets is clas- sified as temporarily restricted net assets until those amounts are appropriated for expenditure by the Institution in a manner consistent with the standard of prudence prescribed by UPMIFA .

Investments The Institution has established a diversified investment portfolio in accordance with the investment strategy determined by the Investment Committee of the Board of Trustees . Investments are recorded at fair value . The values of publicly traded fixed income and equity securi- ties are based upon quoted market prices at the close of business on the last day of the fiscal year . In- vestments in units of non-publicly traded pooled funds are valued at the unit value determined by the fund’s administrator based on quoted market values of the underlying securities . Private equities and

27 s certain other nonmarketable securities, including alternative investments, are valued using current es- timates of fair value based upon the net asset value of the funds determined by the general partner or investment manager for the respective funds . Because alternative investments are not readily market- able, the estimated fair value is subject to uncertainty and may differ from the value that would have been used had a ready market for the investments existed . Such differences could be material . The In- stitution’s alternative investments include venture capital funds, private equity funds and investments in real estate and natural resources . These alternative investments represented approximately 34% of the Institution’s investments at June 30, 2013 . Investment securities are exposed to various risks, such as interest rate, market, and credit risks . Due to the level of risk associated with certain investment securities, it is possible that changes in the val- ues of investment securities could occur in the near term and that such changes could materially affect investment balances and results included in the financial statements . Under the terms of certain limited partnership agreements that represent venture capital, private eq- uity, real estate and oil and gas investments, the Institution is obligated to remit additional funding periodically as capital calls are exercised . Purchases and sales of investments are recorded on the trade date of the transaction . Realized invest- ment gains and losses are recorded based on the average cost method for all investments except where specific identification is required by tax law .

Derivative The Institution’s investment policies allow for the use of derivative financial instruments to manage Financial currency exchange and interest rate risks arising from investments in nonderivative assets in propor- Instruments tion to the assets at risk . Such instruments consist of forward foreign exchange and interest rate futures contracts entered into as part of the investments of the Institution . As of June 30, 2013 the Institution had an investment in one fund that invests in interest rate futures within its strategy . The College utilizes swap agreements to moderate its exposure to interest rate risk on certain bond issuances . (See note 6) The Institution also has investments which participate directly, or have the option to participate in, derivative financial instruments . These investments represent 29% of the Institution’s total consoli- dated endowment funds . Derivatives held by investments in which the Institution invests pose no off balance sheet risk to the Institution due to the limited liability structure of the investment .

Beneficial Beneficial interest in perpetual trusts represent resources neither in the possession of nor under the Interest in control of the Institution, but held and administered by outside fiscal agents, with the College deriv- Perpetual Trusts ing income from such funds . The trusts are recorded at their respective fair values, which are reported by the outside fiscal agent .

Property, Plant Property, plant and equipment are recorded at cost . The cost of collections at the College are ex- and Equipment pensed as incurred . The Institution capitalizes the cost of construction and major improvements to buildings, and pur- chases of equipment, and library books . Depreciation is calculated on a straight line basis over the estimated useful life of the asset . Purchases for the Library’s collections are recorded at cost . The col- lections are reduced by the proceeds from a sale, resulting in the recognition of no gain or loss . Sales are not significant . (See note 11)

Inventories Other assets include inventories which are valued at the lower of cost (utilizing the first-in, first-out method) or market .

Cash Equivalents Cash equivalents include short-term, highly liquid investments with a maturity of three months or less at the time of purchase . Cash and cash equivalents representing assets of endowment and similar funds and life income funds are included in long-term investments . Cash equivalents are recorded at cost which approximates fair value .

Short Term Short term investments are comprised of equity securities received as gifts and identified for liquida- Investments tion by the Institution, as well as funds identified for specific capital projects expected to be liquidated in the short term .

28 s Life Income Life income obligations result from annuity and life income agreements which are irrevocable chari- Obligations table remainder agreements . The assets held for these agreements are reported as part of the Institu- tion’s investments at their fair value . The College records contribution revenue for the gift net of the liability calculated as the present value of the estimated future payments to be made to the benefi- ciaries . The liability has been determined using discount rates ranging from 2 .0% to 6 .9% dependent upon the year in which the agreement was entered . The obligation is adjusted during the term of the agreement for changes in the value of the assets, amortization of the discount and other changes in the estimates of future benefits .

Asset Retirement An asset retirement obligation (“ARO”) is a legal obligation associated with the retirement of long- Obligations lived assets . These liabilities are initially recorded at fair value and the related asset retirement costs are capitalized by increasing the carrying amount of the related assets by the same amount as the li- ability . Asset retirement costs are subsequently depreciated over the useful lives of the related assets . Subsequent to initial recognition, the College records period-to-period changes in the ARO liability resulting from the passage of time or revisions to either the timing or the amount of the original es- timate of undiscounted cash flows . The College reduces ARO liabilities when the related obligations are settled . uncertain tax The Institution is generally exempt from federal and state income taxes . Management performs an positions annual review for uncertain tax positions along with any related interest and penalties and believes that the Institution has no uncertain tax positions that would have a material adverse effect, individu- ally or in the aggregate, upon the Institution’s balance sheet, or the related statements of activities, or cash flows .

2. Investments The Institution records its investments at fair value . Fair value is the amount that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market partici- pants at the measurement date . The degree of judgment utilized in developing those assumptions generally correlates to the level of pricing observability . The availability of observable inputs can vary among financial assets and liabilities . For investments, fair value is affected by a wide variety of factors including, the type of investment, whether the investment is new and not yet established in the market place and other characteristics particular to the investment . The inputs used for valuing investments are not necessarily an indication of the risk associated with investing in those securities . The Institution’s investments have been categorized based upon a fair value hierarchy comprised of the following three broad levels: Level 1: Valuations based on observable inputs that reflect quoted prices in active markets for identi- cal assets and liabilities . Assets and liabilities utilizing Level 1 inputs include exchange traded securi- ties, short term money market funds and actively-traded obligations issued by the U .S . Treasury . Level 2: Valuations based upon quoted prices for identical or similar assets or liabilities in markets that are less active or other significant market-based inputs which are observable, either directly or indirectly . Level 3: Valuations based on unobservable inputs that are significant to determining an overall fair value measurement . Assets and liabilities utilizing Level 3 inputs include real estate partnerships, pri- vate equity investments, and other illiquid securities with little, if any, market activity . Valuation of these instruments entails a significant degree of estimation and judgment .

29 s The comparison of fair value and cost for investments in accordance with the fair value hierarchy was as follows as of June 30, 2013:

Amherst College Fair Value Measurements as of June 30, 2013 Description Level 1 Level 2 Level 3 Total Cost Financial Assets Cash and equivalents $ 109,554,209 $ 109,554,209 $ 109,554,209 Due to broker, net (1,626,563) (1,626,563) (1,626,563) Domestic equities 113,783,928 $ 59,636,297 173,420,225 118,711,337 Global equities 70,398,028 70,398,028 36,320,386 Foreign equities 20,730,409 $ 132,834,539 116,949,950 270,514,898 224,024,054 Private equities 378,638,969 378,638,969 312,085,465 Fixed income 97, 257, 531 59,961,743 6, 527, 367 163,746,641 177,170,878 Absolute return 58,940,603 484,817 577,154,456 636,579,876 441,349,078 Real estate and natural resources 18,601,113 13,380,784 340,982,456 372,964,353 365,098,253 Other investments 93,274 8,704,197 8,797,471 8,641,293 Total Investments 417,334,504 206,661,883 1,558,991,720 2,182,988,107 1,791,328,390 Beneficial interest in perpetual trusts 15,595,876 15,595,876 16,782,366 Total Financial Assets $ 417,334,504 $ 206,661,883 $ 1,574,587,596 $2,198,583,983 $ 1,808,110,756

As of June 30, 2013, the College had interest rate swaps with a fair value liability of $11,349,806, which were valued using significant other observable inputs (Level 2) .

Folger Shakespeare Memorial Library Fair Value Measurements as of June 30, 2013 Description Level 1 Level 2 Level 3 Total Cost Financial Assets Cash and equivalents $ 13,237,726 $ 13,237,726 $ 13,237,726 Due to broker, net 194,844 194,844 194,844 Domestic equities 14,708,612 $ 7, 802,691 22,511,303 13,997,937 Global equities 9,210,734 9,210,734 4,443,380 Foreign equities 2,712,324 $ 17,379,799 15,301,492 35,393,615 27,4 0 6,758 Private equities 49,540,345 49,540,345 38,180,055 Fixed income 11,649,950 7,845,271 854,028 20,349,249 20,401,403 Absolute return 661,690 63,432 82,563,685 83,288,807 53,993,965 Real estate and natural resources 2,433,732 1,750,714 44,613,441 48,797, 887 44,665,558 Other investments 166,436 85,777 1,773,185 2,025,398 1,963,603 Total Investments $ 45,765,314 $ 27,12 4,993 $ 211,659,601 $ 284,549,908 $ 218,485,229

The College’s Investments as of June 30, 2013 are comprised of Endowment and Similar Funds of $1,823,748,203, Life Income Funds of $81,371,184 and Other Funds of $277,868,720 . The Library’s Investments as of June 30, 2013 are comprised of Endowment and Similar Funds of $281,771,238, Life Income Funds of $899,287 and Other Funds of $1,879,383 . The Institution’s major investment categories are comprised of the following:

Domestic Equities The Domestic Equities category includes investments in separate accounts and institutional com- mingled funds that invest primarily in the equity securities of U .S . domiciled corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation,

30 s free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the fund, or in the case of the majority of these assets where the securities are directly owned in a separate ac- count, they are recorded at the market value of the underlying securities at the close of business .

Global Equities The Global Equities category includes investments in separate accounts and institutional commingled funds that invest primarily in the equity securities of both U .S . domiciled and foreign corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the partnerships .

Foreign Equities The Foreign Equities category includes investments in institutional commingled pooled funds that invest primarily in the equity securities of non-U .S . domiciled corporations . Fund managers generally hold long portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fair values of the invest- ments in this category are estimated using the net asset value (NAV) per share of the funds .

Private Equities The Private Equities category includes investments in limited partnerships that invest primarily in unlisted, non-public U S. . and non-U .S . domiciled companies . Private Equity includes venture capi- tal (early-stage) and buyout (later-stage) investments . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valua- tion, uniqueness of market and product, strategic advantage, corporate management quality, financial conditions and financing requirements, and anticipated exit strategies . Liquidity for these funds is provided in varying degrees, but is mostly greater than five years . The fair values of the investments in this category are estimated using the General Partner’s valuation of investments, generally equal to or based upon the reported capital account or net asset value (NAV) of the underlying investee funds .

Fixed Income The Fixed Income category includes investments in separate accounts and commingled funds that invest primarily in the debt securities of U .S . domiciled corporations . Fund managers hold long and short portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, duration, convexity, liquidity, credit risk, term structures, and strategic advantage . Liquidity for these funds is provided in varying degrees, ranging from daily to annual increments . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the funds or in the case of the separate accounts where the securities are directly owned, they are recorded at the market value of the underlying securities at the close of business .

Absolute Return The Absolute Return category includes investments in commingled funds that invest primarily in the equity, debt, and derivative securities of U .S . and non-U .S . domiciled corporations . Fund managers hold long and short portfolio capital assets . Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, free cash flow, profitability, strategic advantage, and corporate management quality . The fund managers may also in- vest in securities related to interest rates, exchange rates, and privately held assets . The fair values of the investments in this category are estimated using the net asset value (NAV) per share of the funds .

Real Estate The Real Estate and Natural Resources category includes investments in limited partnerships that and Natural invest primarily in unlisted, non-public U .S . and non-U .S . real estate, timber, and oil and gas assets . Resources Underlying investment securities in the funds are selected based upon several criteria, including, but not limited to: absolute and relative valuation, uniqueness of market and product, strategic advan- tage, corporate management quality, financial conditions and financing requirements, and anticipated exit strategies . Liquidity for these funds is provided in varying degrees, but is generally greater than seven years . The fair values of the investments in this category are estimated using the General Part- ner’s valuation of investments, generally equal to or based upon the reported capital account or net asset value (NAV) of the underlying investee funds .

31 s Other The Other category includes investments in separate account and general partnership funds that have been or are currently being liquidated . The unfunded commitment and redemption frequencies of the Institution’s investment categories as of June 30, 2013 were as follows:

Institution Unfunded Investment Strategy Commitments Notice Period and Redemption Frequency Domestic equities No notice period applicable; immediate redemption Global equities Daily–30 day notice; between daily and five year redemption Foreign equities 6–90 day notice; between monthly and five year redemption Private equities $ 181,951,000 Not redeemable Fixed income 9,359,000 Zero–90 day notice; between immediate and not redeemable Absolute return 30–180 day notice; between quarterly and five year redemption Real estate and natural resources 103,775,000 Not redeemable $ 295,085,000

The investments in domestic equities do not possess a defined liquidation period . These investments can be liquidated as deemed appropriate by the Institution . The Institution is unable to redeem its investments in private equities, real estate and natural resources until the underlying partnerships are dissolved and the funds closed, although the Institution would have the ability to liquidate these part- nerships through a negotiated transaction in the secondary market . Investments in private equities, real estate and natural resources have remaining durations from one to thirteen years as of June 30, 2013 . Lockup periods on the investment strategies above range from thirty days through five years . The reconciliation of the Level 3 total financial assets for the College and Library as of June 30, 2013 are as follows:

Amherst College Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Net Realized Net Transfers Beginning and Unrealized Purchases and Sales and In (Out) Ending Investment Category Balance Gains and (Losses) Issuances Settlements of Level 3 Balance

Domestic equities $ 7,805,605 $ 51,830,692 $ 59,636,297 Global equities $ 44,815,389 38,949,555 $ 3,728,172 $ (17,095,088) 70,398,028 Foreign equities 105,063,482 14,836,655 5,284,750 (8,234,937) 116,949,950 Private equities 384,866,936 41,785,232 47,509,019 (95,522,218) 378,638,969 Fixed income 61,292,733 2,024,863 811,923 (5,771,460) (51,830,692) 6, 527,367 Absolute return 498,143,288 43,969,024 27,390,271 (20,200,794) 27,852,667 577,154,456 Real estate and natural resources 3 4 6,677,827 7,147 41,927,633 (31,036,279) (16,593,872) 340,982,456 Other investments 8,993,586 3,467,450 (3,756,839) 8,704,197 Perpetual trusts 14,625,864 970,012 15,595,876

Total Level 3 Financial Assets $1,464,479,105 $153,815,543 $126,651,768 $(181,617,615) $11,258,795 $1,574,587,596

32 s Folger Shakespeare Memorial Library Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Net Realized Net Transfers Beginning and Unrealized Purchases and Sales and In (Out) Ending Investment Category Balance Gains and (Losses) Issuances Settlements of Level 3 Balance

Domestic equities $ 881,748 $ 6,920,943 $ 7,802,691 Global equities $ 5,984,191 3,316,450 $ 487,786 $ (577,693) 9,210,734 Foreign equities 14,029,106 1,854,035 691,446 (1,273,095) 15,301,492 Private equities 51,391,203 5,444,642 6,215,983 (13,511,483) 49,540,345 Fixed income 8,184,408 250,848 106,230 (766,515) (6,920,943) 854,028 Absolute return 66,516,980 11,843,678 3,583,687 (3,099,821) 3,719,161 82,563,685 Real estate and natural resources 46,291,824 2,077,486 5,485,726 (7,391,605) (1,849,990) 44,613,441 Other investments 1,820,921 494,897 350 (549,090) 6,107 1,773,185

Total Level 3 Financial Assets $194,218,633 $26,163,784 $16,571,208 $(27,169,302) $1,875,278 $211,659,601

Certain investments were transferred between Level 2 and Level 3 dependent on specific underlying redemption notice periods as of June 30, 2013 . Generally those investments with notice periods of ninety days or greater are classified as Level 3 . The amount of total unrealized net gains on Level 3 assets for the year ended June 30, 2013 is $80,159,000 for the College and $18,730,000 for the Library .

Spending Policy The Institution has adopted a spending policy that is calculated as a percentage of the average market and How the value of the endowment for the three previous years . This allows for the smoothing of growth and decline Investment in endowment fair values . Specifically, the formula used to set the amount of annual spending increases Objectives the prior year’s distribution by a factor equal to inflation plus the percentage growth in the endowment Relate to from prior year capital gifts . This amount is compared to the budgetary needs of the Institution and is in- Spending Policy creased, if possible, to reflect the use of market growth over time . The calculated amount is also evaluated as a percentage of the endowment’s market value and the growth portion of the formula would be held to a rate at or below inflation if the spending rate were to continue to exceed 5 .0% over time . It is expected that over time the rate will range between 3 .5% and 5 .0% of the average market value of the endowment for the three previous years—higher in years of market decline and lower in years of market growth . The Institution has adopted investment policies for its endowment assets that seek to ensure that current and future spending requirements are supported, while also preserving the endowment fund in perpetuity . Endowment assets include those assets that have been restricted by the donor or desig- nated by the Trustees and are invested to provide future revenue to support the Institution’s activities . Under the Institution’s investment policy, as approved by the Committee on Investment of the Board of Trustees, an asset allocation or strategic policy portfolio is developed based on long-term return, risk and correlation assumptions that seek to balance the need for liquidity, preservation of purchas- ing power, and risk tolerance . The Institution uses two benchmarks to assess aggregate performance: • Simple Market Benchmark—serves to help evaluate the value added from asset allocation in creat- ing a well-diversified investment program versus a non-diversified market index . This benchmark consists of: 60% S&P 500 Index and 40% Barclays Aggregate Bond Index . • Strategic Policy Portfolio Benchmark—serves to evaluate the impact of manager selection and active management versus passive management . This benchmark is a weighted average return de- rived by applying the target policy weights of each asset class to the performance of the respective asset class benchmarks . The Institution expects its endowment funds, over time, to provide an average real rate of return of approximately 3 5%. percent annually (or a nominal annual rate of return of approximately 6 .0%) . The investments in the Institution’s endowment portfolio involve various risks, and actual returns in any given year may vary from this anticipated long-term average annual rate of return . To satisfy its long-term return objectives, the Institution relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and cur- rent yield (interest and dividends) . The Institution has established a strategic policy portfolio that is diversified across asset classes .

33 s 3. Endowment and Similar Funds Included in unrestricted, temporarily restricted, and permanently restricted net assets are the Col- lege’s and Library’s endowment and similar funds and life income funds . Endowment and similar funds is a commonly used term to refer to the resources that have been re- stricted by the donor or designated by the Trustees that will be invested to provide future revenue to support the Institution’s activities . Included in endowment are funds which were not restricted by the donor and, accordingly, are unrestricted net assets of the Institution . Included in Endowment are the Consolidated Endowment Funds for both the College and the Li- brary and separately invested endowment funds . The fair value of the Amherst College Consolidated Endowment Fund as of June 30, 2013 was $1,822,692,698 with a per share fair value of $21 .48 ($19 .75 at June 30, 2012) . The fair value of the separately invested endowment funds as of June 30, 2013 was $1,055,505 . The fair value of the Folger Fund as of June 30, 2013 was $281,771,238 with a per share fair value of $32 .58 ($30 .07 at June 30, 2012) . The total endowment shares in the Amherst College Consolidated Endowment Fund as of June 30, 2013 were 84,847,167 . The total endowment shares in the Folger Fund as of June 30, 2013 were 8,648,444 . Net assets of life income funds represent the difference between the investment assets of the funds and the estimated liability for the obligation to beneficiaries . Net assets included the following endowment and similar funds at June 30, 2013:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 6,759,873 $ 124,368,912 $ 140,108,094 $ 271,236,879 Income restricted 10,503,276 755,795,519 2 47,651, 20 0 1,013,949,995 Quasi-endowment Income unrestricted 388,875,641 388,875,641 Income designated 87,435,954 87,435,954 Income restricted 61,949,267 300,467 62,249,734 $ 555,524,011 $ 880,464,898 $ 387,759,294 $ 1,823,748,203 Life income funds Income $ 4,127,4 47 $ 833,010 $ 4,960,457 Balanced 3,229,709 2,051,255 5,280,964 Annuity 1,815,542 1,910,286 3,725,828 Unitrusts 14,058,809 12,136,277 26,195,086 $ 23,231,507 $ 16,930,828 $ 40,162,335

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment funds Endowment Income unrestricted $ 187,305,415 $ 5,944,903 $ 193,250,318 Income restricted $ 2,493,230 44,822,003 18,706,749 66,021,982 Quasi-endowment Income unrestricted 10,942,625 10,942,625 Income designated 9,957,693 9,957,693 Income restricted 1,087,849 510,771 1,598,620 $ 24,481,397 $ 232,638,189 $ 24,651,652 $ 281,771,238

Life income funds $ 300,269 $ 137,483 $ 437,752

34 s The activity of the endowment and similar funds net assets for the College and Library for the year ended June 30, 2013 is as follows:

Amherst College Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 507,835,653 $ 784,948,436 $ 347,881,947 $ 1,640,666,036 Investment return: Investment income 765,479 8,748 881,896 1,656,123 Net realized and unrealized appreciation 66,069,313 149,935,494 7, 868 216,012,675 Total investment return 66,834,792 149,944,242 889,764 217,6 68,798 Contributions 1,341,491 85,242 37,496, 5 41 38,923,274 Appropriation of endowment return for expenditure (21, 327,486) (50,808,023) (72,135,509) Other changes 839,561 (3,705,000) 1,491,043 (1,374,396) Endowment net assets, end of year $ 555,524,011 $ 880,464,897 $ 387,759,295 $ 1,823,748,203

Folger Shakespeare Memorial Library Temporarily Permanently Unrestricted Restricted Restricted Total Endowment net assets, beginning of year $ 22,895,807 $ 212,817,111 $ 24,496,708 $ 260,209,626 Investment return: Investment income 122,457 9,232 131,689 Net realized and unrealized appreciation 2,760,765 28,481,060 31,241,825 Total investment return 2,883,222 28,490,292 31,373,514 Contributions 128,759 34,000 5,750 168,509 Appropriation of endowment return for expenditure (838,925) (8,702,972) (9,541,897) Other changes (587,466) (243) 149,195 (438,514) Endowment net assets, end of year $ 24,481,397 $ 232,638,188 $ 24,651,653 $ 281,771,238

Total Return The Institution adds interest and dividends earned on the College’s investments and the Folger Fund, Distribution on which represent approximately 99% of the investments of its endowments and similar funds, to the in- Investments come allocation pools from which returns are distributed to the respective funds at a predetermined, per share rate set annually by the Board of Trustees . The Institution’s spending is determined on a total return basis . The total amount distributed for spending in 2012–2013 was $85,758,251 for the College and $11,685,047 for the Library . In addition, investment manager fees and expenses, which include the general partners’ share of gains in limited partnerships, were distributed from this pool and were $36,524,322 for the College and $4,468,619 for the Library . Interest and dividend income earned in 2012–2013 by the Funds was $50,147,064 and $6,611,769 for the College and Library, respectively . The amount distributed in excess of interest and dividend income earned was provided by transferring realized gains from the Institution’s investment pools of $72,135,509 for the College and $9,541,897 for the Library .

35 s 4. Contributions Contributions receivable, net, are summarized as follows at June 30, 2013:

Amherst Folger Shakespeare College Memorial Library Unconditional promises expected to be collected within: One year $ 31,646,241 $ 89,248 Two to five years 17,74 4,457 Over five years 16,633,516 66,024,214 89,248 Less: Unamortized discount and allowance for uncollectible accounts (7,705,786) $58,318,428 $89,248

At June 30, 2013 the College had also received conditional promises to give of $5,650,000 . These conditional promises to give will not be recognized as assets until the conditions are substantially met . They are generally restricted for specific purposes stipulated by the donors, primarily endow- ments for faculty support, scholarships, buildings and improvements or general operating support .

5. Property, Plant and Equipment Property, plant and equipment as of June 30, 2013 consisted of the following:

Useful Amherst Folger Shakespeare Life College Memorial Library Land $ 8,328,925 $ 908,397 Land improvements 10 13,172,372 Buildings and improvements 50 397,713,453 30,234,346 Faculty residences 30 11,671,518 Equipment 5–10 71,073,175 3,736,214 Library books 10 33,004,398 Folger collection 21,239,103 534,963,841 56,118,060 Less: Accumulated depreciation (212,460,689) (15,235,716) 322,503,152 40,882,344 Construction in progress 40,671,923 $ 363,175,075 $40,882,344

In fiscal year 2012–2013, depreciation of these assets amounted to $14,535,485 for the College and $752,569 for the Library . As of June 30, 2013 the College had open commitments for the construction of buildings of approxi- mately $307,000 (unaudited) . During fiscal year 2013, the College incurred costs related to the planning, design and early construc- tion costs of a new science building, which was originally to be located at the site of the current Mer- rill Science Center . In May 2013, after careful consideration, the College decided to reassess its plans on the new science center, moving it from the anticipated Merrill site to an alternate location . As of June 30, 2013 the College had incurred approximately $28,000,000 in costs associated with the science center project . Of this figure, approximately $7,700,000 in design, material and site prep- aration expenses can be applied to the revised project or other College uses, and are included in construction in progress within Property, Plant and Equipment on the June 30, 2013 balance sheet . The remaining costs have been expensed through the College’s Statement of Activities for the pe- riod ended June 30, 2013 and are included in the line Expenses related to revision of science center project­ .

36 s 6. Bonds Payable The Institution has financed the cost of constructing and renovating various College facilities through the issuance of Massachusetts Development Finance Agency (the “Agency” or “MDFA”) bonds . The Institution issued taxable bonds in fiscal year 2009 for working capital and other eligible purposes and in fiscal year 2013 issued taxable bonds to finance certain capital projects and other eligible purposes . The College’s fiscal year 2013 debt service and bonds payable as of June 30, 2013 were as follows:

Final Year MDFA Series/ of Interest 2013 Debt Bonds Taxable Bonds Maturity Rates Service Payable F 2026 Variable, (0 .06%–0 .23% in 2012–2013) $ 1,945,672 $ 33,500,000 H 2033 Variable, (1 .00% in 2012–2013) 904,917 40,325,000 I 2028 Variable, (0 .06%–0 .23% in 2012–2013) 39,649 29,700,000 J-1 2035 Variable, (0 .06%–0 .23% in 2012–2013) 40,049 30,000,000 J-2 2035 Variable, (0 .01%–0 .24% in 2012–2013) 21,541 20,000,000 K-1 2021 Fixed, (3 .75% –5 .00%) 720,638 5,440,000 K-2 2038 Variable, (1 .70% in 2012–2013) 2,354,112 49,010,000 Taxable Bonds, 2039 Fixed, 5 .875% 5,875,000 100,000,000 Series 2009A Taxable Bonds, 2042 Fixed, (0 .438%–3 .794%) 2,225,375 100,000,000 Series 2012A Less discount (2,700,935) $ 14,126,953 $ 405,274,065

The issuance costs incurred in connection with the bonds are amortized on a straight line basis over the remaining period the bonds are outstanding . The Series F bonds are a variable rate issue and a general obligation of the College . The average interest rate for fiscal year 2012–2013 was 0 .13% and the interest rate at June 30, 2013 was 0 .06% . The bonds are redeemable at par prior to maturity at the option of the Agency with the consent of the College . The Series H bonds are a variable rate issue and a general obligation of the College . The average in- terest rate for fiscal year 2012–2013 was 1 .00% and the interest rate at June 30, 2013 was 1 .00% . The bonds are subject to optional redemption at par plus accrued interest at the option of the College . The Series I bonds are a variable rate issue and a general obligation of the College . The average inter- est rate for fiscal year 2012–2013 was 0 .13% and the interest rate at June 30, 2013 was 0 .06% . The bonds are subject to optional redemption at par plus accrued interest at the option of the College . The Series J bonds are a variable rate issue and a general obligation of the College . The interest rate on the issue averaged 0 13%. for the Series J-1 bonds and 0 .11% for the Series J-2 bonds for the fiscal year 2012–2013 . The interest rate was 0 .06% for the Series J-1 bonds and 0 .06% for the Series J-2 bonds at June 30, 2013 . The bonds are subject to optional redemption at par plus accrued interest at the option of the College . The Series K-1 bonds were issued at a fixed rate and are a general obligation of the College . The aver- age interest rate on the issue was 4 .03% for the year ended June 30, 2013 . The Series K-2 bonds are a variable rate issue and a general obligation of the College . The average interest rate for fiscal year 2012–2013 was 1 70%. and the interest rate at June 30, 2013 was 1 .70% . The proceeds were used for capital projects . The Series K-1 bonds maturing on or after November 1, 2018 are subject to optional redemption after that date, at the option of the Agency with the written consent of the College or at the written direction of the College . The Series K-2 bonds are not subject to optional redemption . The Series 2009A taxable bonds were issued at a fixed rate and are a general obligation of the Col- lege . The proceeds of the bonds were used by the College for the payment of the issuance costs, working capital, and other eligible expenses . The bonds are subject to optional redemption at the consent of the College with a make-whole provision .

37 s The Series 2012A taxable bonds were issued at a fixed rate and are a general obligation of the Col- lege . The proceeds of the bonds were used by the College for the payment of the issuance costs, cer- tain capital projects, and other eligible expenses . The bonds are subject to optional redemption at the consent of the College with a make-whole provision . In connection with the issuance of the Series I and Series J bonds, the College entered into inter- est rate swap agreements to moderate its exposure to interest rate changes and to lower the overall cost of borrowing . The swaps were not designated as cash flow hedges for the bonds . The interest rate swap agreements effectively change the interest rate exposure on the issues from a variable rate to a fixed rate of 3 .07% for Series I and 3 .13% for Series J . The interest rate swap agreements have a notional amount of $79,700,000 as of June 30, 2013 and termination date equal to the maturity date of the respective bonds . On June 30, 2013, the fair value of the interest rate swap agreements was a liability of $11,349,806 and was recorded on the balance sheet . The total of the decrease in the fair value of the liability from the prior year balance and the net settlements was $5,465,340 and is recorded as a gain in the College’s statement of activities for the year ended June 30, 2013 . The principal payments on such bonds for the fiscal years 2013–14 through 2017–18 is $6,875,000; $7,035,000; $7,210,000; $7,390,000; and $7,580,000, respectively . The combined debt service thereafter approximates $371,885,000 . The Series F, H, I, J and K-2 bonds are subject to tender by bondholders . As of June 30, 2013, the Series J-2 bonds are set to remarket in a daily mode, the Series F, I and J-1 bonds set in a weekly mode and Series H and K-2 in a term mode until November 2014 and November 2016, respectively . If these bonds had been fully tendered as of June 30, 2013, or on their next remarketing date, the principal payments for fiscal years 2014 through 2018 would have been approximately, $116,060,000; $43,215,000; $2,925,000; $51,975,000 and $3,010,000, respectively . The principal payments thereafter would have approximated $190,790,000 . The College has not experienced a failed remarketing of its bonds . The fair value of the bonds payable at June 30, 2013 approximates $420,000,000 .

7. Lines of Credit The College has uncollateralized bank lines of credit for purposes of repurchasing its outstanding bonds if they are unable to be remarketed as of June 30, 2013 as follows:

Available Balance Borrowing Capacity Outstanding Interest Rate Termination Date $75,000,000 Eurodollar rate plus 1 .00% June 27, 2014

The College has uncollateralized bank lines of credit for operational purposes as of June 30, 2013 as follows:

Available Balance Borrowing Capacity Outstanding Interest Rate Termination Date $37,500,000 Eurodollar rate plus 0 .25% May 16, 2014 $37,500,000 Fixed at 10%. per annum May 18, 2014 $25,000,000 Eurodollar rate plus 0 .25% February 25, 2014

8. Pension Benefits The Institution has TIAA-CREF defined contribution pension plans for faculty, administrative and staff employees of the College, and for Library administrative employees . Eligibility for the plans begins following two years of employment for individuals, unless they were previously enrolled in a comparable plan and therefore are immediately eligible . Contributions to the plans, based on a per- centage of salaries, were $5,556,980 for the College and $498,092 for the Library for the year ended June 30, 2013 . The Institution has maintained a TIAA-CREF noncontributory, defined benefit pension plan for Col- lege staff employees who, prior to July 1, 1994, were not covered by the defined contribution plan,

38 s were at least twenty-one years of age, and had completed one year of service . All participants in this plan are fully vested as of June 30, 2013 . Retirement benefits are calculated based on a percentage of final three-year average salary times the participant’s years of service with a minimum benefit pay- able equal to $50 per year times the number of years of credited service . Years of service for purposes of calculating the benefit accrual were frozen on June 30, 1994, when all active College employees began participating in the defined contribution plan . The defined benefit plan continues to provide prior service benefits for participants active at July 1, 1994, and supplemental benefits to certain long- term employees whose retirement benefit would have been negatively affected by the change . The Institution has a TIAA-CREF noncontributory, defined benefit pension plan for Library employ- ees who are not covered by the defined contribution plan, who are at least twenty-one years of age, and who have completed one year of service . An employee is fully vested after five years of participa- tion in the plan . Retirement benefits are calculated based on a percentage of final three-year average salary times the participant’s years of service with a minimum benefit payable equal to $50 per year times the number of years of credited service . The Institution contributes to each defined benefit pension plan an amount each year equal to the required plan contribution as of the beginning of the plan year and interest to the date of payment . The Institution contributed $1,238,170 to the College’s Plan and $144,946 to the Library’s Plan in 2012–2013 . The plan’s accumulated benefit obligation at June 30, 2013 was approximately $23,900,000 and $3,900,000 for the College Plan and Library Plan, respectively . Net actuarial loss amortization of $710,346 and $129,435 is expected to be recognized in fiscal year 2014 for the College Plan and Library Plan, respectively . Amortization of prior service cost of $60,009 is expected to be recognized in fiscal year 2014 for the Library Plan . Effective July 1, 2013, the Library Plan was amended to close the Plan to new participants, discon- tinue service accruals for participants less than the age of forty, and to determine the amount of offset attributable to participation in the defined contribution plan as the earlier of the employee’s termina- tion or retirement date . The following were the components of net periodic pension cost for the defined benefit pension plans for the fiscal year ended June 30, 2013:

College Library Employee Plan Employee Plan Service cost $ 4,128 $ 139,973 Interest cost 991,177 128,320 Expected return on plan assets (1,099,175) (130,669) Amortization of net actuarial loss 959,564 84,571 Net periodic pension cost $ 855,694 $ 222,195

39 s The following is a summary of the projected benefit obligation, plan assets, and funded status of the defined pension plans as of June 30, 2013:

College Library Employee Plan Employee Plan Change in projected benefit obligation: Projected benefit obligation, June 30, 2012 $ 26,054,440 $ 3,625,527 Decrease due to benefits paid (1,115,326) (112,274) Increase due to employee service 4,128 139,973 Increase due to accrual of interest 991,177 128,320 Increase due to change in plan provisions 20,694 (Decrease) Increase due to changes in actuarial assumptions and other sources (256,917) 310,622 Projected benefit obligation, June 30, 2013 $ 25,677,502 $ 4,112,862

Change in plan assets: Fair value of plan assets, June 30, 2012 $ 14,571,418 $ 1,707,884 Actual return 1, 857,6 68 197,773 Employer contributions 1,238,170 144,946 Change in surrender charge (11,488) (1,401) Benefits paid (1,115,326) (112,274) Fair value of plan assets, June 30, 2013 $ 16,540,442 $ 1,936,928

Funded status: Projected benefit obligation $ (25,677,502) $ (4,112,862) Fair value of plan assets 16,540,442 1,936,928 Accrued pension cost $ (9,137,060) $ (2,175,934)

Cumulative Net Actuarial Loss: Cumulative net actuarial loss, June 30, 2012 $ 9,929,864 $ 1,299,359 Amortization (959,564) (84,571) Net (gain) loss (1,003,922) 244,919 Cumulative net actuarial loss, June 30, 2013 $ 7,966,378 $ 1,459,707

Defined benefit plan assets consist of Deposit Administration Group Annuity Contracts with Teachers Insurance and Annuity Association and College Retirement Equities Fund . The discount rates used in determining benefit obligations as of June 30, 2013 were 4 .43% for the College Employee Plan and 4 .52% for the Library Employee Plan . The rate of compensation increase used in determining benefit obligations and the net periodic pension cost was 3 .50% for both plans . The discount rate used in determining the net periodic pension cost was 3 .90% and the long-term rate of return was 7 .50% for both plans . The expected long-term rate of return on plan assets is determined by reviewing historical returns, taking into account current asset diversification between equity and fixed income investments . Cur- rent market factors such as inflation and interest rates are evaluated . The asset allocations at June 30, 2013 of the defined benefit plans were as follows:

College Employee Plan Library Employee Plan Equity securities $ 10,236,446 62% $ 1,009,751 52% Fixed income 6,303,996 38% 927,177 48% Total $16,540,442 100% $1,936,928 100%

The defined benefit plans’ assets are valued using the same fair value hierarchy as the Institution’s investments as described in note 2, Investments .

40 s The following table summarizes the Institution’s fair values of investments by major type held by the defined benefit plans at June 30, 2013:

College Employee Plan Level 1 Level 2 Level 3 Total Equity securities $ 10,236,446 $ 10,236,446 Fixed income $ 6,303,996 6,303,996 Total $10,236,446 $6,303,996 $16,540,442

Library Employee Plan Level 1 Level 2 Level 3 Total Equity securities $ 1,009,751 $ 1,009,751 Fixed income $ 927,177 927,177 Total $1,009,751 $927,177 $1,936,928

The reconciliation of Level 3 total investments for the defined benefit plans as of June 30, 2013 is as follows:

Level 3 Fair Value Measurements College Library Employee Plan Employee Plan Total Beginning balance $ 5,950,598 $ 891,033 $ 6,841,631 Contributions 1,238,170 112,118 1,350,288 Interest income 242,042 37,701 279,743 Sales, net (1,115,326) (112,274) (1, 227,60 0) Change in surrender charge (11,488) (1,401) (12,889) Total $6,303,996 $927,177 $7,231,173

The equity securities account seeks a favorable long-term return through both appreciation of capital and investment income by investing primarily in a broadly diversified portfolio of common stocks . The account is divided into three segments . One segment is designed to track U .S . equity markets and invests in the Russell 3000 Index . Another segment contains stocks that are selected for their investment potential and the third segment invests in foreign stocks and other equity securities . The fixed income account guarantees both principal and a specified interest rate . The account seeks to achieve the highest rate of return over long periods of time, within reasonable risk measures . In- vestments include publicly traded bonds, direct loans to business and industry, commercial mortgages and income producing real estate . The Institution expects the 2013–2014 contribution to be reasonably consistent with the current year . The following benefit payments, which reflect expected future service, are expected to be paid:

College Library Employee Plan Employee Plan 2014 $ 1,228,000 $ 122,000 2015 1,275,000 129,000 2016 1,301,000 133,000 2017 1,360,000 145,000 2018 1,418,000 147,000 2019–2023 7,865,000 902,000 Total $14,447,000 $1,578,000

The Institution offers a Phased Retirement Program to faculty of the College . Faculty members may enter the program at any time between age 60 and 65 . Upon entering the program, faculty members

41 s receive a reduced salary . Participants also receive stipends for part-time work which they can con- tinue until age 70 when they fully retire . The Institution has recorded a liability for this program of $4,586,013 as of June 30, 2013 . This program is funded on a cash basis as benefits are paid .

9. Other Postretirement Benefits The Institution provides a defined benefit health insurance plan to eligible College employees em- ployed before July 1, 2003 who have met certain age and service criteria . The Institution also pro- vides a defined benefit health insurance plan to eligible Library employees and their dependents who have met certain age and service criteria . The Institution funds these plans on a cash basis as benefits are paid . The Institution provides a defined contribution health program for the College employees that do not qualify for the defined benefit plan described above . Under this plan, each year eligible partici- pants (regular, benefited employees) are entitled to a contribution based on 66 .7% of the College’s Medicare supplemental insurance cost and interest that is credited to a notional account . Eligibility for contributions begins at age 40 for a maximum of 25 years and vesting requires 10 years of service after the age of 40 and attainment of age 62 when retiring from the College . As of June 30, 2013 a $35,135,207 and $3,379,116 postretirement benefit obligation liability is re- corded for the College and Library, respectively . The components of net periodic postretirement benefit cost for the Institution’s plans as of June 30, 2013 were as follows:

College Employee Library Employee Plan Plan Service cost $ 1,098,731 $ 167,815 Interest cost 1,444,964 141,941 Actuarial loss 559,425 70,528 Amortization of prior service credit (160,262) Net periodic postretirement benefit cost $2,942,858 $380,284

42 s The following provides a reconciliation of the accumulated benefit obligation, plan assets and funded status of the plans:

College Employee Library Employee Plan Plan Change in accumulated postretirement benefit obligation Benefit obligation, June 30, 2012 $ 37,789,483 $ 3,679,375 Service cost 1,098,731 167,815 Interest cost 1,444,964 141,941 Medicare Part D subsidy 101,073 Plan participants’ contributions 217,0 0 4 13,949 Change in actuarial assumptions (4,363,057) (508,733) Benefits paid (1,152,991) (115,231) Benefit obligation, June 30, 2013 $ 35,135,207 $ 3,379,116 Change in plan assets Fair value of plan assets, June 30, 2012 $ 0 $ 0 Employer contribution 834,914 101,282 Plan participants’ contributions 217,0 0 4 13,949 Medicare Part D subsidy 101,073 Benefits paid (1,152,991) (115,231) Fair value of plan assets, June 30, 2013 $ 0 $ 0 Funded status Retirees and dependents $ (14,446,546) $ (1,145,873) Actives fully eligible (1,583,217) (203,891) Actives not fully eligible (19,105,444) (2,029,352) Accumulated postretirement benefit obligation (35,135,207) (3,379,116) Fair value of plan assets 0 0 Accrued postretirement benefit cost $(35,135,207) $(3,379,116)

As of June 30, 2013 the College Plan had a cumulative net actuarial loss of $4,159,820 and a cu- mulative net prior service credit of $12,873 recognized in unrestricted net assets . The Library Plan had a cumulative net actuarial loss of $721,055 . In fiscal year 2014 the College and Library have an expected amortization from unrestricted net assets into net periodic benefit of $55,663 and $30,288, respectively . Included in change in actuarial assumptions for the College Plan are gains from assumption changes in the discount rate amounting to $3,583,928, medical trend rate of $2,569,383 and benefit pay- ments of $643,334, netted by a loss in mortality of $2,433,588 . The discount rate used in determining the accumulated postretirement benefit obligation as of June 30, 2013 for the College Plan was 4 .58% compared to 3 .90% at June 30, 2012 . The discount rate for the Library Plan was 4 .73% as of June 30, 2013 compared to 3 .90% as of June 30, 2012 . The assumed health care cost trend used in measuring the accumulated postretirement benefit obliga- tion was 8 .00% in 2013 declining gradually to 5 .00% in 2016 . The discount rate used in determining the net periodic postretirement benefit cost for both plans at June 30, 2013, which is determined as of July 1, 2012, was 3 90%. .

43 s Following is the effect of a change in the trend rates at June 30, 2013:

College Library Employee Plan Employee Plan Impact of 1% increase in health care cost trend Interest cost plus service cost $ 416,000 $ 76,000 Accumulated postretirement benefit obligation 5,360,000 677,000 Impact of 1% decrease in health care cost trend Interest cost plus service cost (328,000) (58,000) Accumulated postretirement benefit obligation $(4,298,000) $ (532,000)

The Institution expects its 2013–2014 contribution to be reasonably consistent with the current year . The following benefit payments, which reflect expected future service, are expected to be paid by the Institution:

College Library Employee Plan Employee Plan 2014 $ 1,515,000 $ 85,000 2015 1,562,000 91,000 2016 1,652,000 100,000 2017 1,748,000 114,000 2018 1,827,000 126,000 2019–2023 10,120,000 813,000 Total $18,424,000 $ 1,329,000

10. Temporarily and Permanently Restricted Net Assets Temporarily restricted net assets were available for the following purposes at June 30, 2013

Amherst Folger Shakespeare College Memorial Library Program services $ 31,935,035 $ 3,515,686 Student loans 3, 557,4 0 6 Life income funds 23,231,507 300,269 Buildings and improvements 17, 571, 378 Realized and unrealized gains available for distribution under the limits of total return policy 878,715,907 232,561,974 Other 1,748,990 76,214 $956,760,223 $236,454,143

Temporarily restricted net assets released from restrictions during the year for the Institution’s activi- ties were used for the following purposes:

Amherst Folger Shakespeare College Memorial Library Program services $ 29,752,542 $ 1,660,131 Buildings and improvements 11,393,243 Total return distribution 50,808,023 8,702,972 $91,953,808 $10,363,103

44 s Permanently restricted net assets are summarized as follows at June 30, 2013:

Amherst Folger Shakespeare College Memorial Library Permanent endowment $ 387,759,295 $ 24,651,653 Contributions receivable 26,388,478 Life income funds 16,930,827 137,483 Beneficial interest in perpetual trusts 15,595,876 $446,674,476 $24,789,136

11. Collections The Folger Shakespeare Memorial Library holds the largest and most complete collection of Shake- speareana in the world and the largest collection of English printed books from 1475 to 1640 outside of England, as well as extensive Continental Renaissance holdings . The collection spans a broad range of subjects and includes books, manuscripts, documents, paintings, illustrations, tapestries, furnish- ings, musical instruments, scores, and curios from the Renaissance and theater history . The collection is a source of research for scholars from all over the world and is shared with the public through ex- tensive exhibitions . The collection is exhibited within the Folger Shakespeare Memorial Library in Washington, D .C . where the collection is maintained in secure, climate controlled storage . The Emily Dickinson Museum consists of two historic houses, and their contents, in the center of Amherst, Massachusetts, closely associated with the poet Emily Dickinson and members of her family during the nineteenth and early twentieth centuries . The Museum is dedicated to educating diverse audiences about Emily Dickinson’s life, family, creative work, times, and enduring relevance, and to preserving and interpreting the Homestead and The Evergreens as historical resources for the benefit of scholars and the general public . The College has collections housed in the Mead Art Museum and the Beneski Museum of Natural History . The Mead Art Museum exhibits selections from its diverse collection of 16,000 works in- cluding American art, Russian modernist art, French art, British portraiture, African art, Japanese art, 19th and 20th century photography, and master and modern prints and drawings . The Beneski Museum of Natural History houses research collections of vertebrate and invertebrate paleontology, minerals, anthropology and modern vertebrates, as well as numerous exhibits which illustrate the evolution and ecology of major groups of animals . The College’s collections are exhibited on campus where they are maintained . The College and the Library maintain policies and procedures addressing the collections’ upkeep as well as other aspects of their management, including accession and deaccession policies .

12. Subsequent Events Management has evaluated subsequent events for the period after June 30, 2013, through October 28, 2013 the date the financial statements were available to be issued . Management is not aware of any other subsequent events that would have a material impact on the June 30, 2013 financial state- ments .

End of audited financial statements

45 s The Trustees of Amherst College s Amherst College

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2013

Fund Endowment Life 2013 2012 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 25,217,920 $ 1,468,679 $ 1,338,646 $ 435,447 $ 28,460,692 $ 36,061,502 Administration 4,139 1,312,527 1,316,666 1,525,274 Instruction 3,020,749 1,000 131,763 3,153,512 411,723 Library 2,593 520 38,292 41,405 55,832 Physical Plant $ 6,525,340 1,125 6,526,465 4,561,713 Scholarships and Student Aid 6,772,678 1,879 3,724,705 10,499,262 7, 588, 815 Prizes 2,254 500 400 3,154 2,472 Fellowships 1,500 56,000 57, 50 0 52,610 Research 2,369,782 2,369,782 3,410,732 Annual Fund 3,458 *10,125,838 10,129,296 10,092,998 Academic Services 681,494 1,013 492,406 1,174,913 233,943 Student Services 321,077 83,175 1,638,001 2,042,253 2,693,278 Remainder Interest 3,291,587 3,291,587 6,104,107 Dickinson Museum 143,662 277,10 6 420,768 413,627 Total—2013 $ 36,027,862 $ 1,468,679 $ 1,426,733 $3,291,587 $ 6,669,002 $ 20,603,392 $69,487,255 Total—2012 $ 29,179,965 $ 2,501,179 $ 7,638,680 $6,104,107 $ 4,580,547 $ 23,204,148 $73,208,626

*This amount does not include endowment income transferred to the 2013 Annual Fund . When that amount is included, the total of the 2013 Annual Fund is $10,473,452 .

The Trustees of Amherst College s Folger Shakespeare Memorial Library

Gifts, Bequests, and Grants Received Fiscal Year Ended June 30, 2013

Fund Endowment Life 2013 2012 Purpose Permanent Term Quasi Income Plant Current Total Total Unrestricted $ 1,0 97, 579 $ 1,0 97, 579 $ 955,361 Administration $ 10,000 25 30,000 40,025 50 Director $ 103,165 103,165 298,696 Research Division 594 25,300 25,894 42,700 Public Programs 24,000 397,691 421,691 337,670 Education $ 500 118,114 118,614 98,578 Grant Support 92,394 92,394 40,688 Technology 0 20,000 Central Library 29,920 29,920 10,442 Acquisitions 5,250 25,000 142,400 172,650 221,578 Folger Unitrust 1,000 1,000 180,000 Total—2013 $ 5,750 $ 10,000 $ 152,759 $ 1,000 $ 25 $ 1,933,398 $ 2,102,932 Total—2012 $ 162,289 $ 0 $ 319,520 $ 180,000 $ 50 $ 1,543,904 $ 2,205,763

46 s The Trustees of Amherst College s Amherst College Descriptive Analysis of Endowment and Other Similar Funds June 30, 2013 (Valuations at Market)

Permanent Endowment, Income Unrestricted Martin W . Deyo 1925 Memorial Fund 67,669 Consolidated $2,707,581 Reverend Austin Dickinson Fund 63,802 Naomi Aberly 1985 and Laurence Lebowitz Fund 282,712 The Dorothy H . Donovan Memorial Fund 903,085 Charles H . Allen Fund 1,880,777 William M . Ducker 1876 Fund 68,420 Fred H . Allen, Jr . 1934 Fund 104,231 Noble S . Elderkin 1901 Memorial Fund 109,388 The Amherst College Campaign Fund 21,529,838 John Cushing Esty 1922 Memorial Fund 422,617 William H . Anderson 1924 Memorial Fund 406,269 Lillian and Paul L . Feinberg 1928 Fund 1,199,623 Anonymous 397,289 Feldman Family Fund 182,018 Anonymous Donor Fund 21,746,379 The Stuart C . Frazier 1922 Memorial Fund 85,928 Austen Family Fund 302,605 Philip M . Friedmann 1967 Endowment Fund 25,022 Frank L . Babbott 1913 Fund 2,706,504 Georg P . L . Gail 1915 Fund 8,637,704 Dorothy T . Bailey Fund 56,970 Henry W . Giese 1902 Fund 859,541 Frederick T . Bedford 1899 Fund 665,944 John C . Haas 1940 and John M . Betts 1942 Fund 131,985 Chara C . Haas Endowment Fund 1,901,068 The E . & E . Goepel Beyer Memorial Fund 1,825,353 Estate of Frary Hale 1905 84,661 Robert E . Bingham 1940 Fund 43,347 The Jimmy Hamilton Fund 63,458 Elizabeth D . and Foster F . Birch III 1932 Fund 157,496 William Irving Hamilton 1904 Fund 650,885 Richard Bond Fund 91,836 Zsolt P . Harsanyi 1965 Fund 199,098 Campus Community Unrestricted Endowment Fund 184,761 The Ralph and Bertha Hooper 1919 Fund 223,478 Class of 1900 Endowment Fund 109,107 Samuel A . Howard Class of 1882 Fund 2,366,508 Class of 1911 Endowment Fund 818,553 Perry B . and Elizabeth W . Jenkins Fund 3,941,509 Class of 1920 Endowment Fund 3,180,313 Stuart M . Johnson 1964 Endowment Fund 1,075,921 Class of 1924 Endowment Fund 890,088 The Kahn Fund 372,554 Class of 1952 Endowment Fund 2,138,046 Eldon B . Keith 1902 Fund 107,410 Class of 1956 Endowment Fund 2,461,995 The Knight Family Fund 618,576 Class of 1904 Fund 410,759 Frederick Houk Law, Class of 1895, Fund 35,060 Class of 1940 Reunion Endowment Fund 623,396 Andrew F . Lawrence 1965 and Class of 1941 Reunion Endowment Fund 314,228 L . Jay Lawrence 1930 Fund 481,134 Class of 1942 Reunion Endowment Fund 283,960 Thomas Linton 1932 Memorial Fund 74,318 Class of 1943 Reunion Endowment Fund 515,789 Lives of Consequence Fund 87,877,247 Class of 1944 Reunion Endowment Fund 123,866 Jonathan R . Longley 1974 Fund 1,677,481 Class of 1945 Reunion Endowment Fund 339,180 Joseph A . Lowe 1904 Fund 371,361 Class of 1946 Reunion Endowment Fund 346,699 The Michael R . McGuire, M D. . Memorial Fund 42,642 Class of 1950 Reunion Endowment Fund 476,172 Munch Memorial Fund 2,652,047 Class of 1951 Reunion Endowment Fund 197,420 Blanche A . Myers Fund 107,410 Class of 1953 Reunion Endowment Fund 485,130 Nussbaum Family Fund 163,575 Class of 1955 Reunion Endowment Fund 930,367 Olds House Fund 674,752 Class of 1956 Reunion Endowment Fund 18,582 Walter S . Orr 1912 Fund 2,065,866 Class of 1957 Reunion Endowment Fund 316,408 C . Scott Porter 1919 Memorial Fund 88,886 Class of 1958 Reunion Endowment Fund 385,475 John Porter 1910 Fund 306,635 Class of 1960 Reunion Endowment Fund 2,277,250 Charles M . Pratt 1900 Fund 1,055,564 Class of 1961 Reunion Endowment Fund 319,682 Richardson Pratt 1915 Fund 610,112 Class of 1962 Reunion Endowment Fund 179,740 Theodore Pratt 1909 Memorial Fund 401,349 Class of 1963 Reunion Endowment Fund 447,436 Stuart E . Price 1915 and Class of 1965 Reunion Endowment Fund 992,392 Stuart E . Price, Jr . 1950 Family Fund 110,460 Class of 1966 Reunion Endowment Fund 238,580 David Prouty Fund 91,621 Class of 1967 Reunion Endowment Fund 280,600 John V . and Vernal Piper Robinson Memorial Fund 92,094 Class of 1968 Reunion Endowment Fund 757,595 Rosenthal-Siegel Fund 127,223 Class of 1969 Reunion Endowment Fund 155,897 William A . Sargent 1879 Fund 17,796,326 Class of 1970 Reunion Endowment Fund 757,899 C . P . Sawyer 1885 Fund 214,821 Class of 1971 Reunion Endowment Fund 456,043 Oliver and Hester Mary Semple Fund 397,182 Class of 1963 25th Reunion Gift Fund 1,655,408 George L . Shinn 1945 Fund 1,965,781 Class of 1964 25th Reunion Endowment Fund 810,970 Hugh R . Silbaugh, Jr . 1954 Endowment Fund 225,612 William M . Cowles 1920 Memorial Fund 27,755 George W . Siguler Fund 190,422 C . J . Crary 1901 Endowment Fund 929,465 George F . B . Smith 1924 Fund 45,950 Allen Davidson 1922 Memorial Fund 185,863 Cushing B . Snider 1934 Fund 62,878 Deutch Family Fund 190,840 Wilson Snushall 1903 Fund 1,113,587

47 s W . Lloyd Snyder, III 1966 Fund 1,160,937 Asian Studies Fund 279,503 The Staff Retirement Plan Funds 15,154,697 Centennial Fund 33,210,935 Alfred E . Stearns 1894 Fund 199,182 Nanette W . Chesebrough Fund 196,797 James M . Stilwell Fund 684,848 William S . Clark 1848 Fund 630,649 Storke Memorial Fund 2,652,047 D . Willis James Fund 2,137,810 Wesley H . Swiler 1927 Memorial Fund 186,830 Henry P . Kendall 1899 Fund 1,968,402 Howard S . Taylor Class of 1914 Fund 231,018 William H . Moore 1871 Fund 855,115 Kenneth E . Taylor 1984 Fund 559,580 1901 Endowment Fund 2,137,810 Sherman R . Thayer 1926 Fund 672,367 1911 Endowment Fund 8,572,634 Willard Brown Thorp 1887 Memorial Fund 529,812 1918 Endowment Fund 13,968,737 Ellsworth M . Tracy 1930 Endowment Fund 55,252 Second Century Fund 19,314,163 Harold R . Ward 1939 Zero Coupon Fund 82,813 Julius H . Seelye 1849 Fund 2,137,810 The Robert A . Ward 1957 Memorial Fund 541,500 Total General Instruction 86,727,883 Warner Family Fund 542,277 William F . Washburn 1911 Memorial Fund 44,146 Funds for Specific Instruction Purposes Paul D . Weathers 1915 Fund 664,419 Consolidated 39,742 William H . Webster 1906 Memorial Fund 356,495 Addison Allen 1888 Fund 388,825 Ellis H . Whitaker Fund 137,270 Amherst House Fund Doshisha University 71,385 The Charles S . Whitman 1890 Memorial Fund 51,173 Anonymous Fund for Religious Purposes 1,017,498 Edward S . Whitney 1890 Fund 410,845 Winifred L . Arms Chair in the Arts and Humanities 4,912,027 William C . Wickenden 1935 Memorial Fund 92,351 Barrett Gymnasium Fund 109,559 Frederick N . Wier 1882 Fund 1,713,453 Henry Ward Beecher Lectureship in History and Samuel Williston Fund 1,633,153 Political Science 214,821 Peter B . Wyckoff 1868 Fund 107,410 Beitzel Professorship in Technology and Society 1,729,489 Bruce B . Benson 1943 and Total Permanent Endowment, Lucy Wilson Benson Professorship 926,618 Income Unrestricted $255,064,039 William P . Bigelow 1889 Fund 63,673 Parmly Billings 1884 Professorship Fund 1,074,103 Permanent Endowment, Income Restricted Brian E . Boyle 1969 Professorship Fund 2,803,336 ADMINISTRATION The Cadigan Fund 343,713 The Alumni Endowment Funds Campus Community Fund for Faculty Research and Consolidated 265,819 Scholarly Activities 21,847 Estate of Warren D . Brown 1894 107,410 Michael deShee Clarke 1957 Memorial Fund 165,906 Estate of William W . Clarke 1925 107,410 Class of 1880 Professorship of Greek 3,621,877 Class of 1952 Dean Eugene Wilson Estate of Fannie B . Look 309,170 Faculty Development Fellowship Fund 1,939,743 Estate of Frank B . Nelson 1873 3,215,243 Class of 1959 Professorship 4,117,276 Estate of Alexander D . Noyes 1883 107,410 Class of 1962 Fund for Academic and John Bayley O’Brien 1905 Fund 2,148,207 Curricular Initiatives 1,038,237 George D . Olds 1895 Memorial Fund 64,446 Henry Steele Commager Professorship 4,550,838 Estate of Ralph M . Stoughton 1901 634,656 George H . Corey 1888 Professorship of Chemistry 3,007,490 Estate of Isabel J . Turner 45,911,886 William Lyman Cowles 1878 Memorial Fund Estate of James Turner 1880 4,296,414 for Latin 3,618,397 Estate of William J . Turner 37,477,661 G . Armour Craig Professorship in Transferred from previous annual Alumni funds, Language and Literature 2,164,536 and miscellaneous items 3,053,612 Harold B . Cranshaw 1911 Memorial Fund 138,688 Total Alumni Endowment Funds 97,699,344 The Miner D . Crary 1897 Memorial Fund 1,086,026 Consolidated 5,371 George Lyman Crosby 1896 and Chester W . Chapin Fund 1,074,103 Stanley Warfield Crosby, Jr . Fund for Commencement Canes 239,911 Foundation Professorship of Philosophy 2,200,752 George Lyman Crosby 1896 and Fine Arts Fund 53,426 Stanley Warfield Crosby, Jr . Hewlett-Mellon Challenge Fund 1,138,399 Foundation Professorship of Religion 3,221,064 Hewlett-Mellon Presidential Challenge 879,841 The Amanda and Lisa Cross Chair 12,903,420 The Susan and Kenneth Kermes 1957 Fellowship Fund 870,389 Rachel and Michael Deutch Professorship 2,876,697 Pratt Health Cottage Fund 740,057 Sidney Dillon Fund 537,052 Christine Noyer Seaver & Alexander Seaver President’s Benjamin John Diver Memorial Fund for Music 80,730 Discretionary Fund 542,303 Doshisha House Fund 113,812 Harold Wade, Jr . 1968 Memorial Fund 159,161 Frank Fowler Dow 1874 Fund for Chemistry 6,598,634 Ives Washburn 1908 Fund 537,052 George P . Eastman 1884 Fund for Music and Lectures 163,996 Total Administration $103,939,357 John Eastman, Jr . Fine Arts Fund 307,178 Joseph B . Eastman Foundation Professorship in INSTRUCTION Political Science 6,441,441 General Instruction English Language and Literature Fund 2,214,264 Consolidated 292,737 The William Esty 1889 Fund 809,943 Fred B . Asche 1927 Fund 1,024,781 Henry P . Field 1880 Fund 8,356,869

48 s The Fine Arts Fund 263,649 Dwight W . Morrow 1895 Professorship in The Clyde Fitch 1886 Fund for English and Political Science 4,296,414 Dramatic Arts 429,641 Anson D . Morse 1871 Professorship in History 3,437,131 Edwin F . and Jessie Burnell Fobes Fund for Greek 2,031,903 National Endowment for Humanities Fund 14,201,946 Eliza J . Clark Folger Professorship 3,437,131 John C . Newton Professorship of Greek 1,018,250 Emily C . Jordan Folger Professorship 3,437,131 Edward N . Ney 1946 Professorship Henry Clay Folger 1879 Professorship 3,437,131 in American Institutions 4,922,766 Clarence Francis 1910 Professorship in the George Daniel Olds Professorship in Social Sciences 4,306,124 Economics and Social Institutions 2,148,207 Mary O . Fulton Fund 799,348 Olin Professorship in Asian Studies 3,860,843 The Geology Fund 76,476 James E . Ostendarp Professorship 4,440,237 The Julian H . Gibbs 1946 Professorship 5,701,348 Domenic J . Paino 1955 Professorship in Glover-Rose Fund 37,132 Global Environmental Studies 3,472,957 Samuel Green Professorship Fund 644,462 Herbert S . Pasternak, M .D . 1956 Geology Fund 63,153 John and Mary Greenebaum 1952 Fund 340,986 Ward H . Patton Professorship in Economics 3,961,659 Richard H . Gregory 1898 and Thomas F . Pick Environmental Studies Fund 1,861,869 Richard H . Gregory 1933 Memorial Fund 86,959 Peter R . Pouncey Professorship 4,142,440 James J . Grosfeld Professorship 2,410,980 Harold I . Pratt 1900 Pool Fund 107,410 Handyside Fund for Chamber Music 178,709 George William and Kate Ellis Reynolds 1877 Fund 3,222,310 Edward S . Harkness Professorship 3,437,131 E . Dwight Salmon Professorship in History 5,661,493 William H . Hastie 1925 Professorship 99,263 H . Axel Schupf 1957 Asian Studies Fund 2,192,933 Hugh Hawkins Lecture Fund 122,475 Willem Schupf Professorship in Asian William H . Heaney 1968 Research Fund 133,404 Languages and Civilizations 5,006,933 Hitchcock Professorship in Mineralogy and Geology 562,830 Martin S . & Audrey P . Schwartz Professorship 754,603 The Charles Hamilton Houston 1915 Professorship Sears Literary and Benevolent Fund 27,404,831 in American Studies 4,102,044 Sears Real Estate Fund 193,339 Alan L . Hyde 1950 Fund for Latin American and Jay E . Silberg 1963 Choral Fund 128,667 Caribbean Studies 513,124 Winthrop H . Smith 1916 Professorship of American W . MacLean Johnson 1938 Memorial Fund 691,400 History and American Studies 5,538,185 The Judaica Fund 1,432,354 Bertrand H . Snell 1894 Professorship in Saul H . Katz Fund 30,842 American Government 4,705,078 Christopher L . Kaufman 1967 Fund 139,977 Stone Professorship of Biology 966,693 Christopher L . Kaufman 1967 and Edward H . Sudbury 1909 Fund 92,867 Carlyn A . Clement 1977 Fund The Thalheimer Professorship 3,064,732 for Faculty Scholarship 151,839 The Willard Long Thorp Professorship in Economics 5,157,673 Robert E . Keiter 1957 Fund for Edward Tuckerman Fund 107,410 Postdoctoral Fellows 3,298,446 Turner Family Fund 756,993 William R . Kenan, Jr . Professorship 8,771,107 Scott F . Turow 1970 Creative Writing Fund 434,194 William E . Kennick Fund for Teaching 96,088 Joseph E . and Grace W . Valentine Helene Keyssar Film and Media Studies Professorship in Music 6,018,868 Program Fund 103,965 William McCall Vickery 1957 Professorship 1,908,162 Margaret and Stanley King 1903 Fund 16,591,268 Robert C . Vogel 1960 Fund 95,251 Margaret and Stanley King 1903 Richard S . Volpert 1956 Professorship in Economics 2,808,057 Music Department Fund 259,847 Walker Professorship Fund 4,027,888 John E . Kirkpatrick 1951 Professorship 1,736,592 Thomas B . Walton, Jr . Memorial Professorship 6,046,304 Alfred Sargent Lee 1941 and Wanner Family Professorship 3,395,525 Mary Farley Ames Lee Professorship 3,720,389 John William Ward Professorship 3,340,553 Guy Carlet Levy-Despas 1940 Fund 740,983 The Roberta R . and David M . Weinstein 1968 Lewis-Sebring Professorship in Professorship 181,615 Latin American and Latino Culture 3,840,534 G . Henry Whitcomb 1864 Memorial Fund 741,905 Jeffrey A . Libert 1977 Fund 716,550 L . Stanton Williams 1941 Professorship 3,068,013 Rufus Tyler Lincoln Professorship 2,148,207 Samuel Williston Professorship of Greek 436,086 Georges Lurcy Professorship 2,659,324 Samuel Williston Professorship of Manwell Family Professorship in Life Sciences 2,523,585 Rhetoric and Oratory 549,941 Alan D . 1916 and Warren L . Marks 1919 Winkley Professorship of History and Music Fund 107,410 Political Economy 1,074,103 Marquand and Stone Public Speaking Fund 429,641 Peter B . Wyckoff 1868 Physical Education Fund 107,410 The Math Fund 69,967 Total Specific Instruction Purposes 340,953,576 The John J . McCloy 1916 Professorship of American Institutions and International Diplomacy 4,433,330 Total Instruction $427,681,459 William R . Mead 1867 Professorship in Fine Arts 3,437,131 Charles E . Merrill 1908 Professorship in Economics 2,362,405 LIBRARY The Philip B . Miller 1930 Fund 470,608 Willis E . Bridegam Fund for the Amherst College Library 53,415 Howard M . and Martha P . Mitchell Professorship 3,565,758 Brooks Humanities Librarian Endowment Fund 855,717 Howard M . and Martha P . Mitchell Professorship II 2,719,249 Robert Frost Library Fund 8,643,031

49 s Hitchcock Memorabilia and Archives Fund 346,237 Sherman Pratt 1927 Fund 139,633 Polly Longsworth Library Resources Fund 1,126,342 Philip and Bess Rosenblum Book Fund 57,990 McGoun Archival Fund 540,149 Olyn Koller Ruxin Library Fund 268,652 Sargent H . Wellman 1912 Memorial Fund 168,591 Helen M . and Hugo T . Saglio 1931 Fund 1,039,371 Book Funds: Jack Shand 1943 Psychology Book Fund 90,805 Consolidated 319,825 David and Elsie Skolnick Memorial Fund 247,452 African Studies Collection Fund 43,652 Harry deForest Smith and Adela Wood Smith Alden Memorial Fund 236,947 Robert Frost Library Fund 114,929 Gordon K . Allison 1926 Memorial Book Fund William B . and Josephene W . Stitt 1918 for Fine Arts 217,448 Memorial Fund 167,033 Ella E . Ames Fund 128,892 Surdna Fund for Library Acquisitions 952,816 The Theodore Baird Fund 404,314 M . Barnes Taft Library Fund 199,227 Marshall Bloom 1966 Acquisition Fund 228,351 Alvin and Fanny B . Thalheimer Book Fund 47,884 The Gladys Brooks Foundation Fund 1,118,795 Ervin A . Tucker 1923 Library Acquisition Fund 30,719 Campus Community Fund for Library Resources 63,675 James Turner 1880 Fund for South College Library 128,892 Centennial Fund 2,148,207 William Seymour Tyler 1830 Memorial Fund 598,340 The Charles W . Cole 1927 Book Fund 130,890 The John William Ward Fund for Books in Katharine S . Cole Memorial Book Fund 106,001 American Studies 186,847 R . John Cooper 1964 Book Fund 144,381 Louis S . Welty 1927 Book Fund 86,358 Katharine C . Cowles Memorial Fund 25,972 Charles D . Yegian 1959 Christian Book Collection 82,878 Edward A . Crane 1854 Library Fund 752,796 Paul Zigler 1957 Memorial Fund 55,703 John A . Cranshaw 1939 Memorial Fund 34,370 Total Library $36,847,278 Edward West Currier 1865 Fund 214,821 Delta Kappa Epsilon Book Fund 107,410 PHYSICAL PLANT Janice C . Denton Book Fund 55,645 Biological and Geological Laboratory Wills T . Engle 1928 Book Fund 163,650 Maintenance Fund 1,074,103 The Faculty Library Endowment Fund 83,522 Centennial Fund 5,370,517 Allyn B . Forbes Library Resources Fund 68,061 Chapin Hall Endowment Fund 1,053,588 The Alfred Friendly Library Acquisition Fund 495,720 Converse Library Fund 4,296,414 George B . Funnell 1924 Book Fund 276,668 Daniels Gallery Fund 500,103 Joel Giles 1828 Fund 1,086,885 Kurt L . Daniels 1923 Mead Art Fund 195,530 Elizabeth M . Guest Library Fund 71,879 Mary Lee and Wallace C . Dayton 1943 Fund 3,244,964 Hagstrom Fund for Support of the Ellwood R . Kirby Fund 453,250 Amherst College Library 57,923 Richard S . LeFrak Endowment Fund 635,026 John D . Harris 1934 Book Fund 98,710 Life Sciences Building Maintenance Fund 1,186,333 Nicholas Curtis Heaney Library Fund 41,181 The MacLeod Building Fund 427,177 Arnold S . Hemley 1931 Memorial Book Fund 48,022 Maintenance of Life Sciences Fund 5,108,050 Kenneth P . Higgins 1927 Memorial Library Fund 281,566 Mame Louise Reynolds McGeorge Fund 110,052 Augustus S . Hutchins 1879 Fund 214,004 Moore 1871 Laboratory Endowment Fund 5,370,517 David W . P . Jewitt 1943 Book Fund 171,470 Walter S . Orr Rink Fund 2,885,923 Robert E . Keiter 1957 Book Fund 150,074 Frederic B . Pratt 1887 Athletic Field Fund 429,792 Glenn D . Kesselhaut 1978 Book Fund 30,840 Eustace Seligman 1910 Fund 133,339 Benjamin N . Kightlinger 1951 Library Fund 223,547 Myron and Anabel Taylor Fund for Orr Rink 122,555 Frederick S . Lane 1936 Library Fund 578,621 Z/G2 Japanese Garden Fund 72,893 Library Acquisitions and Special Collections Support Fund 100,436 Total Physical Plant $32,670,126 Louis R . Liss Endowment Fund 39,622 Phyllis A . Maurer and Barry D . Maurer 1959 SCHOLARSHIPS AND STUDENT AID Memorial Book Fund 50,955 Consolidated 3,325,421 Richmond Mayo-Smith 1909 Fund 227,452 Abeles Family Scholarship Fund 107,327 Newton F . McKeon 1926 Library Fund 287,669 David H . Morton and John Breckenridge Adams Clement Fessenden Merrill 1937 Memorial Fund 39,677 Scholarship Fund 2,436,625 James Merrill 1947 Book Fund 371,575 Nishtha J . Adhvaryu 1996 Memorial Scholarship Fund 30,524 James Merrill 1947 Library Fund 700,101 Albert Family Scholarship Fund 308,407 Henry Mishkin Fund for the Music Library 101,030 Rachen Cohan Albert 1984 and The F . Franklin Moon 1935 Acquisition Fund 64,016 Jonathan D . Albert 1983 Scholarship Fund 369,099 The Leonard Page Moore 1919 Library Fund 25,843 James K . Alexander, M .D . Scholarship Award 136,110 Stephen Morrow 1961 Memorial Book Fund 109,365 Ralph G . Allen 1955 Memorial Scholarship Fund 90,592 E . Kimball Morsman 1924 Book Fund 860,421 Vivian B . Allen Foundation Scholarship Fund 1,048,346 The NEH Challenge Grant 6,154,162 Frederick S . Allis 1893 Scholarship Fund 87,325 Laurence B . Packard Memorial Library Amherst College Canadian Foundation 114,134 Endowment Fund 459,630 Amherst 1908 Fund 342,059 Arthur Stanley Pease 1933 Honorary Fund 150,822 Brierly W . Anderson 1954 Scholarship Fund 175,353 Donald I . Perry 1920 Book Fund 64,381 Wallace W . Anderson 1922 Memorial Fund 95,746 Phi Psi Library Fund 58,668 Carol and Bruce Angiolillo Scholarship Fund 305,921 John Worthington Porter 1950 Frost Library Fund 127,707 Eugene P . Angrist 1959 Scholarship Fund 278,513

50 s Anonymous Scholarship Fund 17,392,291 Edward L . Chapin 1909 Scholarship Fund 107,668 Edward A . Appleton 1889 Scholarship Fund 276,732 The Charitable Fund 5,036,625 Arnaboldi Family Scholarship Fund 183,077 Lewis B . Chesler 1968 Scholarship Fund 35,861 John Ferguson Aronson 1950 Scholarship Fund 121,678 Frances Chia Scholarship Fund 1,116,180 Charles K . Arter III 1968 Memorial Fund 416,645 A . F . Chisholm Scholarship Fund 2,282,787 Frank L . and Elizabeth Babbott Scholarship Fund 1,037,960 Jefferson Clark 1866 Scholarship Fund 214,821 Frank L . Babbott 1878 Scholarship Fund 307,559 Lewis F . Clark 1837 Scholarship Fund 214,821 Lydia Richardson Babbott Endowment Fund 1,074,103 Lincoln Clark Memorial Scholarship Fund 306,001 Baines Family Physics and Astronomy Scholarship Fund 123,250 Clary Family Scholarship Fund 326,538 George T . Baird, Jr . 1940 Scholarship Fund 325,935 Class of 1880 Scholarship Fund 73,447 Albert P . Baker 1968 Scholarship Fund 116,696 Class of 1897 Scholarship Fund 113,425 George O . Baker 1933 Scholarship Fund 75,982 Class of 1938 Scholarship Fund 479,072 William E . Ball 1944 Alumni Scholarship Fund 61,299 Class of 1991 Scholarship Fund 43,609 William Darling Ballantine 1901 Scholarship Fund 163,156 Class of 1913 50-Year Fund 497,654 Danforth Keyes Bangs Scholarship Fund 92,394 Fund in Memory of Allen Davidson and Edmund P . Barker 1876 and Susan Marvin Barker Members of the Class of 1922 380,383 Scholarship Fund 174,155 Class of 1927 Memorial Fund 247,602 Harriet S . Barnett Scholarship Fund 61,396 Class of 1928 25-Year Fund 302,962 Seymour Israel Barowsky Scholarship Fund 55,682 Class of 1929 25-Year Fund 245,132 George Miller Bartlett 1901 Scholarship 121,352 Class of 1930 25-Year Fund 464,056 Ivory H . Bartlett Scholarship Fund 109,064 Class of 1932 25-Year Fund 541,864 Melissa Ketunuti Basselier 1999 Memorial Class of 1933 25-Year Fund 406,892 Scholarship Fund 107,465 Class of 1935 25-Year Fund 388,482 Ralph A . Beebe 1920 Memorial Fund 474,483 Class of 1937 25-Year Fund 499,780 Daniel Beecher 1907 Scholarship Fund 1,961,313 Class of 1939 25-Year Fund 1,224,199 Frederick Warren Beekman Scholarship Fund 792,774 Class of 1940 25-Year Fund 433,680 Bender-Lewis Scholarship Fund 341,368 Class of 1941 25-Year Fund 829,616 Berkowitz Family Fund 68,614 Miscellaneous Classes Scholarship Funds 758,940 The Bernstein Brothers Scholarship Fund 435,691 The William Montague Cobb 1925 Scholarship Fund 121,911 Robert H . Bidwell 1941 and Daniel C . Cochran 1968 and Constance Gorman Scholarship Fund 110,033 Gregory B . Sutphin 1971 Scholarship Fund 263,826 Bingham Osborn 1970 Scholarship Fund 153,011 Jonathan P . Coffin 1976 Scholarship Fund 119,339 The Bisbee Fund 1,803,592 The Jacob Cohan Memorial Scholarship Fund 116,664 Pamelia Lovell Black Scholarship Fund 221,158 The Edwin C . Cohen 1964 Scholarship Fund 57,676 Robert Eldredge Blood III 1973 Scholarship Fund 90,443 Charles Woolsey Cole 1927 Fund 1,744,684 John E . Booth 1923 Scholarship Fund 744,891 Francis W . Collins, Jr . 1948 Scholarship Fund 299,100 Lisa S . and Stephen B . Bonner 1968 Scholarship Fund 106,664 Stephen Collins 1969 Scholarship Fund 40,883 John Garland Bowes Scholarship Fund 110,975 The George F . Conant 1950 Memorial Fund 66,113 Haven D . Brackett 1898 Memorial Fund 87,088 Peter Martin Conklin 1959 Memorial Fund 104,587 Braemer Family Scholarship Fund 31,368 Connecticut Alumni Scholarship Fund 233,889 E . Wayne Brant Natural History E . C . Converse Scholarship Fund 1,093,545 Summer Scholarship Fund 33,276 James and Dolores Conway Scholarship Fund 1,057,617 Chandler Matthews Bray 1893 Scholarship Fund 457,675 William Lyman Cowles 1878 Fund 64,962 J . Barry Brokaw 1964 Scholarship Fund 59,333 G . Armour Craig 1937 Scholarship Fund 92,539 Colin S . Brooks 2001 Scholarship Fund 53,038 Robin S . Cramer Memorial Scholarship Fund 1,114,286 Roger Bednarske Brooks 1918 Memorial Scholarship 591,296 Michael J . Crames 1956 Scholarship Fund 43,399 Brothers Family Scholarship Fund 67,421 Miner D . Crary 1897 Scholarship Fund 274,496 Charles Henry Brown 1916 Scholarship Fund of the Clarence E . P . Crauer Scholarship 103,071 Amherst Club of Chicago 398,750 Elizabeth P . and Frederick K . Cressman, Jr ., Class Dan 1986 and Blythe Brown Scholarship Fund 547,203 of 1954, Scholarship Fund 438,553 Randall K . Brown Scholarship Fund 497,511 George Lyman Crosby 1896 Memorial Scholarship Fund H . Prentice Browning 1933 Memorial Scholarship Fund 67,939 and Stanley Warfield Crosby, Jr . Scholarship Fund 604,119 Edward J . Burnell, Jr . 1933 Memorial Scholarship Fund 867,747 Fred B . and Harriet E . Cross 1902 Fund 673,334 Howard J . Burnett 1952 Scholarship Fund 50,054 Gorham L . Cross 1918 Memorial Scholarship Fund 1,070,451 George Burns 1908 Memorial Scholarship Fund 112,931 Joan F . and Gorham L . Cross, Jr . 1952 The Butts Family Scholarship Fund 241,453 Scholarship Fund 392,063 Andrew Cader 1981 Scholarship Fund 51,392 William Cutler and Harriette Gilbert Cutler Memorial John A . Callahan 1883 Scholarship Fund 199,590 Scholarship Fund 337,548 Stephen P . Campbell 1989 and John E . Dame 1866 Scholarship Fund 105,606 Heather McHold Scholarship Fund 310,244 John E . Day 1871 Scholarship Fund 49,044 Campus Community Student Scholarship Fund 126,886 Moses Day 1882 Fund 107,410 Robert Carmel 1958 Scholarship Fund 157,400 Allen J . de Castro, Jr . 1942 Scholarship Fund 36,842 Stephen W . Carr 1965 Family Scholarship Fund 102,481 Elizabeth M . DeHaas Memorial Scholarship Fund 101,134 Otis and Alice Cary Scholarship Fund 756,785 Peter H . DeHaas 1960 Scholarship Fund 1,141,698 Centennial Fund 2,650,887 Nicolas Desmarais 2007 Scholarship Fund 112,351 Chan Family Scholarship Fund 411,680 William C . Dick 1932 Scholarship Fund 538,663

51 s Sidney and Hannah Dillon Fund 107,410 Gilbert H . Grosvenor 1897 Memorial Fund 163,930 The Dodge Fund 104,832 Richard William Gustafson Scholarship Fund 95,960 J . Henry Doscher, Jr . 1942 Scholarship Fund 1,085,489 David C . and Martha Sykes Hale 1917 The Douglass Family Scholarship Fund 895,186 Memorial Scholarship Fund 633,745 The Warren F . Draper 1906 Fund 64,983 George A . Hall 1882 Scholarship Fund 107,410 Charles R . Drew 1926 Memorial Scholarship Fund 298,257 The Gordon Hall III 1952 Scholarship Fund 100,987 John Eastman Sr . 1902 Scholarship Fund 307,178 John Whitney Hall 1939 Scholarship Fund 324,662 Lucius R . Eastman 1895 Fund 214,821 Martha M . and Henry J . Harding Fund 1,833,365 Beverly B . and Thomas H . Eighmy 1959 Donald E . Hardy 1916 Scholarship Fund 4,348,680 Scholarship Fund 1,394,158 Edward K . Hardy, Jr . 1929 Scholarship Fund 246,679 James M . Ellis 1856 Fund 108,613 Kenneth L . Hardy 1944 Memorial Scholarship Fund 250,217 Arthur F . Ells 1902 Scholarship Fund 311,245 Paul Wallace Hardy 1914 Scholarship Fund 105,155 Levi H . Elwell 1875 and James H . Elwell 1919 Bradford D . Hart 1977 and Susan Hart Scholarship Fund 18,632 Memorial Fund 1,371,952 Kirk and Ellen Hartman Scholarship Fund 146,063 Epstein Family Scholarship Fund 70,763 Wyatt R . Haskell Fund 277,956 Robert Houghton Esty 1946 Memorial Fund 126,959 William H . Hastie 1925 Scholarship Fund 350,299 Equal Chances International Scholarship Fund 114,155 Samuel W . and Susan H . Heaney Scholarship Fund 99,634 Evans Family Scholarship Fund 244,656 The Hearst Foundation Fund 807,447 Malcolm D . Ewen 1976 Scholarship Fund 55,289 L . William Heinrich 1953 Memorial Scholarship Fund 60,732 Addison Alvord Ewing 1892 Scholarship Fund 193,339 Henderson Family Chicago Public School Robert Fagles 1955 and Richard Wilbur 1942 Scholarship Fund 14,328 Scholarship Fund 111,482 Hepburn Family International Scholarship Fund 145,276 Isaac D . Farnsworth Scholarship Fund 64,446 Jesse J . Hermann 1984 Scholarship Fund 91,169 Knaus Fehling Memorial Scholarship Fund 68,693 Ann and David Hicks 1958 Scholarship Fund 426,443 David W . Ferguson 1975 Memorial Scholarship Fund 317,854 William Hilton Scholarship Fund 1,074,103 The Ferre Family Fund 1,165,876 George M . Hinckley 1934, Abigail J . and Thomas P . Field 1834 Scholarship Fund 214,821 Miriam D . Hinckley Scholarship Fund 528,558 Gilbert A . and Anita R . Fields 1962 Scholarship Fund 55,474 Hitchcock Scholarship Endowment Fund 246,958 Michael T . Fiore 1976 Endowment Fund 65,070 Hoeg Family Scholarship Fund 188,581 Roger S . Firestone Foundation and Irving B . Holley Scholarship Fund 127,775 the Wray Family Scholarship Fund 263,041 The Hollinshead Family Scholarship Fund 554,220 Fiske and Warren Scholarship Fund 646,417 Frank A . Hosmer 1875 Scholarship Fund 322,231 James M . Flanigan 1959 Scholarship Fund 33,063 Clarissa Dodge Howard Scholarship Fund 214,821 Karen and David Fleiss Scholarship Fund 1,296,808 William R . Howard 1889 Scholarship Fund 107,410 William and Lenore Ford Scholarship Fund 125,816 The Hubshman Foundation Scholarship Fund 789,187 Frederick Forman 1928 Memorial Scholarship Fund 1,666,300 Peter Y . Huh 1985 Scholarship Fund 242,321 John Franklin Fort II 1933 Scholarship Fund 190,156 Sigval Emile and Elizabeth Neary Hunsbedt Elaine and Louis G . Fotiades Scholarship Fund 154,747 Scholarship Fund 984,953 Seth E . Frank 1955 Creative Writing Scholarship Fund 281,729 David W . Hunter 1950 Scholarship Fund 94,070 Seth E . Frank 1955 Scholarship Fund 700,805 John Montgomery Hunter 1907 Scholarship Fund 763,463 John M . Freeman, M D. ., Class of 1954 Scholarship Fund 39,809 iAgora org. Fund for International Scholarships 104,202 Julia L ., Charles N . and Charles F . Frey 1951 Infirmary Aid Fund 71,385 Scholarship Fund 59,352 George L . Ingalls 1935 Scholarship Fund 75,377 Daniel M . Galbreath 1950 Scholarship Fund 217,141 Robert A . Jacobs 1927 Memorial Scholarship Fund 54,356 J . Carr Gamble, Jr . 1940 Scholarship Fund 47,626 The Jameson Foundation Scholarship Fund 169,945 Stewart Lee Garrison Fund 403,148 Dr . and Mrs . Samuel Haig Jameson Scholarship Fund 464,679 Augustine Milton Gay 1850 Scholarship Fund 108,613 Jarrett Family Scholarship Fund 49,181 Emerson Gaylord 1905 Scholarship Fund 173,253 Jenkins Family Scholarship Fund 59,737 Gelfond Family Scholarship Fund 50,701 The Jephson Scholarship Fund 146,916 Amanda K . Gibson 2008 Scholarship Fund 71,548 Victor S . Johnson Student Loan Fund 139,633 Henry W . Giese Memorial Scholarship Fund 262,124 Edward P . Judd 1927 and 1955 Memorial Fund 1,277,238 Vernon P . Gilbert 1889 Memorial Scholarship Fund 6,393,730 Isabelle Block Kaplan Scholarship Fund 1,776,463 William O . Gilbert 1890 Scholarship Fund 1,548,793 Stanley J . Kay, Sr . Memorial Scholarship Fund 32,694 Albert Franklin Gilman 1897 Scholarship Fund 1,055,032 Harry V . Keefe, Jr . 1943 Scholarship Fund 518,105 Ralph B . Gilpatrick, Jr . 1949 Memorial Fund 629,236 Sean Matthew Keener Memorial Scholarship Fund 38,249 Giordano Family Fund 51,246 Harold C . Keith 1937 Memorial Scholarship 150,777 Jubal C . Gleason 1863 Scholarship Fund 117,743 Robert E . Keith 1935 Scholarship Fund 257,054 Raymond D . Gozzi Scholarship Fund 76,981 William E . Kennick Scholarship Fund 57,662 Gorth Family Scholarship Fund 62,634 Glenn D . Kesselhaut 1978 Memorial Scholarship Fund 91,027 Edward S . Greaves 1958 Scholarship Fund 255,933 Paulette and David Kessler 1973 Family Darold Greek, Jr . 1960 Memorial Scholarship Fund 303,789 Scholarship Fund 160,788 Harry P . Greeley 1898 Scholarship Fund 327,730 Benjamin N . Kightlinger 1951 Scholarship Fund 490,308 Greene Scholarship Fund 32,137 Killam Canadian Fund 405,896 Douglas C . and Ann M . Grissom 1989 Scholarship Fund 468,569 John J . Kim 1989 Scholarship Fund 230,212 Grosfeld Family Scholarship Fund 450,798 Henry S . Kingman 1915 Memorial Fund 110,332 Peter A . Gross 1960 Scholarship Fund 292,684 Joseph R . Kingman 1924 Scholarship Fund 52,545

52 s Charles R . Kirk and Dorothy M . Kirk P’60 Howard M . and Martha P . Mitchell 1939 Scholarship Fund 251,722 Scholarship Fund 3,078,581 Klarman Family Scholarship Fund 560,283 The Moore Beneficiary Fund 2,261,823 Knowles Scholarship Fund 64,446 Lori and David Moore 1978 Scholarship Fund 135,260 Edward J . Kovacs 1928 Scholarship Fund 67,046 William H . Moore 1871 Fund 537,052 Emily K . Kroenlein and Robert M . Schlein 1989 Jordan A . Moore-Fields 2011 Scholarship Fund 23,993 Scholarship Fund 337,414 Albert Millard Morris 1913 Scholarship Fund 614,205 Frederick H . Kuesel 1920 Scholarship Fund 237,377 Ruth E . and Anson E . Morse 1902 Scholarship Fund 55,746 David S . Kunian 1932 Scholarship Fund 104,897 George A . Morse 1891 Memorial Fund 1,004,480 Peter B . Kunz 1984 Memorial Scholarship Fund 605,243 E . Kimball Morsman 1924 Scholarship Fund 185,777 Paul Gerard LaFerriere 1970 Scholarship Fund 235,159 Mugford Family Scholarship Fund 369,178 John S . Lancaster 1951 Scholarship Fund 110,224 Anna R . Mullen 2009 Scholarship Fund 44,143 Raymond B . Landis 1936 Scholarship Fund 317,312 The C . Lawrence Munch 1915 and The Lasher Family Scholarship Fund 208,548 Marie L . Munch Kofsky Memorial Scholarship Fund 3,191,612 Andrew D . Lawrie 1873 Scholarship Fund 2,482,886 Bradford Badger Munsill Memorial Fund 60,536 Robert L . Leach II 1960 Memorial Fund 135,659 Bennett J . Murphy Family Scholarship Fund 89,896 Daniel Kie-Hong Lee 1950 Scholarship Fund 348,573 James G . and Mary D . Murphy Scholarship Fund 139,297 Lyndon E . Lee and Bertha C . Lee Scholarship Fund 30,956 George and Clarissa Nevius Scholarship Fund 253,312 In Ja and Young Y . Lee Scholarship Fund 177,762 New Mexico Scholarship Fund 80,732 Thai-Hi Lee 1980 International Scholarship Fund 913,744 Edward N . Ney Scholarship Fund 485,409 Charles P . Leffel 1950 Memorial Scholarship Fund 646,933 Alice Michiko Noll 1998 Memorial Scholarship Fund 264,762 Richard and Karen LeFrak Scholarship Fund 650,972 Norqual Family Fund 441,941 Samuel J . and Ethel LeFrak Scholarship Fund 1,851,840 Laverne Noyes Foundation 902,011 Stephen F . Lehane Scholarship Fund 90,703 Darcy and Andrew J . Nussbaum 1985 Scholarship Fund 66,254 John E . Lehman Fund 38,052 John S . Oberly 1907 Scholarship Fund 51,535 Wallace Minot Leonard, Jr . 1916 Memorial Fund 44,038 Jean W . and Robert K . O’Connor 1944 Elayne Levin Scholarship Fund 199,408 Scholarship Fund 1,776,463 N . Gordon Levin Scholarship Fund 116,504 The Ong Family Scholarship Fund 119,213 John E . Levy 1976 & Victoria Westhead William Orr 1883 Scholarship Fund 32,996 Scholarship Fund 105,895 Osathanugrah Scholarship Fund 1,614,635 Ward B . and Susan E . Lewis Scholarship Fund 1,762,190 Ouyang Family Scholarship Fund 122,569 Liedtke Scholarship Fund 399,266 Dr . Frederick Allen Parker 1920 Henry M . Littlefield Memorial Scholarship Fund 445,508 Memorial Scholarship Fund 33,585 John D . Lobrano 1979 Scholarship Fund 250,897 Susan Patsner Memorial Scholarship Fund 79,317 Lawrence Woodbury Lockwood 1946 Scholarship Fund 486,626 Mildred and Ward H . Patton Scholarship Fund 652,320 Samuel Loomis Scholarship Fund 94,915 Edward H . Perkins, Jr . Scholarship Fund 107,410 George W . Long Memorial Fund 27,568 Mark W . Perry 1965 Scholarship Fund 2,831,110 Ludington Scholarship Fund 2,220,344 Robert T . Pfeifer 1942 Scholarship Fund 37,787 Albert E . Lumley Fund 171,019 Philip Family Goldman Sachs Scholars Fund 319,991 Georges Lurcy Scholarship Fund 3,193,241 Woody Phillips Memorial Scholarship Fund 40,942 MacLennan Family Scholarship Fund 362,035 Asa Clinton Pierce 1843 Scholarship Fund 107,410 Donald G . MacVicar, Jr . 1951 Scholarship Fund 833,093 Pohl Family Scholarship Fund 20,039 Caroline S . Mah 1997 Scholarship Fund 54,708 Peter R . Pouncey Scholarship Fund 9,637,514 Marc E . Manly 1974 Scholarship Fund 73,447 George D . Pratt 1893 Scholarship Fund 1,062,568 Allison W . (Eli) Marsh Fund 229,825 The Theodore Pratt, Jr . 1944 and Bettie Curland Pratt Francis J . Marsh 1870 Memorial Fund 107,410 Memorial Scholarship Fund 65,477 William Rolfe Marsh 1910 Scholarship Fund 63,995 President’s Loan Fund 344,981 Marx Scholarship Fund 10,666 Monica Mittelstadt Prounis 1984 Richard Wheeler Maynard 1920 Scholarship Fund 203,951 Memorial Scholarship Fund 96,557 Michael J . McCaffrey 1983 Scholarship Fund 2,299,769 The Pruyne Family Scholarship Fund 1,830,254 David H . McConnell 1923 Scholarship Fund 398,901 Psi Upsilon Memorial Fund 28,356 John S . McGeeney 1956 Scholarship Fund 172,088 Gordon Radley 1968 Scholarship Fund 238,501 Mame Louise Reynolds McGeorge Scholarship Fund 851,965 Ralph Family Scholarship Fund 174,993 James T . McKinlay Scholarship Fund 121,149 The Mike Ransom Memorial Scholarship Fund 665,118 C . Edward McKinney, Jr . 1896 Fund 4,347,133 David A . Read Memorial Scholarship Fund 109,610 Mehr Scholarship Fund 503,281 Reader’s Digest Foundation Endowed Scholarship Fund 150,374 The Charles Merriam Fund 69,022 George Milton Reed 1862 Scholarship Fund 108,613 Charles E . Merrill 1908 Scholarship Fund 2,003,883 The Reed Scholarship Fund 72,094 Charles Morton Merrill Fund 2,189,281 ReliaStar Scholarship Fund 285,712 The David Clarke Miller 1979 Memorial Francis M . Richards, Jr . 1945 Scholarship Fund 50,281 Memorial Music Scholarship Fund 150,500 The Philip B . Miller 1930 Scholarship Fund 470,608 Ellsworth E . (Red) Richardson 1927 Scholarship Fund 235,473 Jane N . and John M . Millet Scholarship Fund 1,170,271 Frederick B . Richardson 1882 Memorial Fund 114,628 The Douglas D . Milne, Jr . 1945 Scholarship Fund 742,508 John M . Riedl 1929 Scholarship Fund 822,748 Henry George and Kirsten Monica Mishkin Stuart Robinson 1836 Scholarship Fund 64,446 Scholarship Fund 32,481 Herbert W . Rogers 1924 Memorial Scholarship Fund 171,767

53 s Chester B . Rosoff 1943 and Deborah Lee Rosoff 1981 Lucius E . Thayer 1918 Scholarship Fund 107,410 Scholarship Fund 72,342 The Thomases Physics Scholarship Fund 50,829 Russ Family Scholarship Fund 75,652 Frederic Lincoln Thompson 1892 Scholarship Fund 3,715,603 Ezekiel Russell 1829 Scholarship Fund 171,857 Robert and C . Van Ting Memorial Scholarship Fund 1,366,573 Saffron Scholarship Fund 107,193 The Tower Scholarship Fund 2,039,400 John E . Sanford 1851 Scholarship Fund 214,821 Samuel F . Trull 1945 Fund 29,430 John W . Sansing 1965 Memorial Scholarship Fund 49,973 Bessie Tucker Scholarship Fund 286,657 Santonelli Family Scholarship Fund 338,537 Tulchin Family Scholarship Fund 202,208 George Sarvis Scholarship Fund 34,579 Turner Family Scholarship Fund 531,238 Anthony Scenna 1927 Memorial Scholarship Fund 307,795 Updike Family Fund 270,285 Lloyd G . Schermer 1950 Scholarship Fund 3,776,567 Hans P . Utsch 1958 Scholarship Fund 2,299,201 Edward G . Schleyer 2006 Scholarship Fund 156,000 Vernon Family Scholarship Fund 139,161 Ned Schroeder 1959 Memorial Scholarship Fund 389,126 Veterans Scholarship Fund 515,590 Eugene B . Schwartz 1935 and Peter D . Schwartz 1961 F . Trowbridge vom Baur 1929 Scholarship Fund 187,857 Scholarship Fund 93,234 Ernest T . Wakefield 1904 Fund 1,021,988 Segal Family Scholarship Fund 329,241 Ed Wall Fund 673,529 Eustace Seligman 1910 Scholarship Fund 566,396 The John Henry Washburn 1849 and 1934 Fund 672,324 Edward J . Serues Memorial Scholarship Fund 80,042 John W . Wastcoat 1934 Scholarship Fund 132,824 James S . Seymour Scholarship Fund 107,410 Richardson L . Watkins 1976 Scholarship 56,651 Kenneth A . Sharp 1926 Scholarship Fund 1,063,276 George H . Watson 1870 Memorial Fund 1,347,055 Saud Shawwaf 1960 Scholarship Fund 811,653 Everett S . Webb 1924 Scholarship Fund 226,550 Evan Sheinberg 1982 and Abby McKenna Charles M . Webster 1957 Scholarship Fund 318,967 Scholarship Fund 106,876 Leslie T . Webster, Jr . 1947 Scholarship Fund 63,002 Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard William M . Weiant 1960 and Clarissa L . Weiant 1990 Scholarship Fund 251,845 Scholarship Fund 166,261 George L . Shinn Scholarship Fund 379,030 Edwin P . Wells 1881 Scholarship Fund 693,763 Mary J . Shores Fund 115,165 Frederic 1954 and Jacqueline Werner/Edward and Shuck Family Fund 52,562 Eleanor Werner Family Fund 1,449,064 Siegel Family International Scholarship Fund 156,102 M . Tilghman West 1937 Memorial Scholarship Fund 146,728 Fredrick J . Sievert 1970 Scholarship Fund 259,283 Hobart K . Whitaker 1890 Scholarship Fund 128,570 Albin J . Sigda 1942 Student Employment Fund 3,711,518 G . Henry Whitcomb 1864 Scholarship Fund 1,064,845 Andrew Baird Simpson 1938 Scholarship Fund 108,914 Donald G . White, Jr . 1949 Memorial Fund 167,238 Addison Henry Smith 1878 Scholarship Fund 144,191 Heath Edgar White 1908 Scholarship Fund 93,769 Harry deForest Smith Scholarship Fund 464,421 Herbert Otis White 1895 Scholarship Fund 276,173 Isaac F . Smith 1883 Student Loan Fund 280,298 John Warren White 1934 Scholarship Fund 253,574 Janine and Michael M . Smith 1984 Scholarship Fund 123,059 Robert B . and Mabel W . Whitney Scholarship Fund 520,143 Luther Ely Smith 1894 Memorial Fund 394,024 Elmer W . Wiggins 1901 Fund 5,833,510 Theodore Soller Memorial Scholarship Fund 93,103 Harry Wilbur 1884 Scholarship Fund 107,410 South African Scholarship Fund 454,575 Henry Lawrence Wilkinson 1888 Memorial Fund 107,410 Southern California Scholarship Fund 14,200 Eugene F . Williams 1910 Scholarship Fund 245,690 Carl and Mildred Spero Fund 401,285 George W . Williams 1911 Scholarship Fund 168,827 Atherton Hall Sprague 1920 Memorial J . Vernon Williams 1943 Scholarship Fund 91,809 Scholarship Fund 963,153 The Williamson Scholarship Fund 545,860 Robert E . Sproul 1969 Memorial Scholarship Fund 47,608 Dean Eugene S . Wilson Scholarship Fund 1,887,516 Frederick H . Stamm, Jr . 1940 Robert Whitelaw Wilson 1930 Scholarship Fund 529,182 Memorial Scholarship Fund 100,214 David Winslow 1938 Scholarship Fund 105,657 Charles J . Staples 1896 Memorial Fund 545,065 Richard S . Wolfe 1952 Cross-Cultural Education Fund 1,670,123 C . V . Starr Scholarship Fund 2,938,367 Leo Wolff Memorial Scholarship Fund 515,269 Allan W . Steere 1956 Memorial Scholarship Fund 145,599 Rima Wong Kar-Ki Scholarship Fund 326,495 Edward C . and Hazel L . Stephenson Scholarship Fund 87,397 William H . Woolverton Scholarship Fund 108,733 Harold Parker Stevens 1902 Fund 760,551 Worcester Scholarship Fund 108,291 Arthur W . Stewart 1929 and Rhea T . Stewart The George R . Yerrall III 1941 International Student Scholarship Fund 394,126 Memorial Scholarship Fund 74,783 William W . Stifler, Jr . 1939 Scholarship 221,511 John M . Zafiriou 1977 Scholarship Fund 140,177 J . Sydney Stillman 1929 Scholarship Fund 455,197 Susan Howard Zauber Memorial Scholarship Fund 119,450 The Caleb Stimson Fund 597,330 Aleta Pedrick Zoidis 1981 Scholarship Fund 1,412,544 Albert L . Stirn 1913 Fund 668,185 Frederic N . Stone 1903 Scholarship Fund 105,778 Total Scholarships and Student Aid $268,233,538 Harlan F . Stone 1894 Scholarship Fund 715,847 Stone Educational Fund 537,052 PRIZES Henry E . Storrs 1864 Scholarship Fund 107,410 Consolidated 546,344 The Frederic A . Stott 1940 Scholarship Fund 126,786 Armstrong Prize 61,997 Robert B . Swain III 1976 Scholarship Fund 60,392 Bancroft Prize Fund 142,684 William Swindells 1952 Scholarship Fund 45,629 Bassett Physics Prize Fund 106,100 Ordway Tead 1912 Scholarship Fund 286,356 Bertram Latin Prize Fund 62,663 Robert Spafford Terwilliger Scholarship Fund 590,392 Bond Commencement Prize Fund 242,941

54 s Samuel Bowles Fund 100,128 ALUMNI ENDOWMENT FUNDS Addison Brown 1852 Scholarship Fund 149,558 Consolidated 22,556 Samuel Walley Brown 1866 Scholarship Fund 145,434 Nancy and Douglas D . Abbey 1971 Challenge Fund 1,576,941 Jeffrey J . Carre Memorial Fund 79,013 John Albree, Jr ., Class of 1882 Memorial Fund 331,194 Robert Cover Prize Fund 14,543 Ralph S . Anthony 1920 and Dr . Ernest D . Daniels Latin Prize 30,741 Henry F . Anthony 1917 Fund 116,712 The Asa J . Davis Prize Fund 81,562 Benjamin C . Bourne 1934 Alumni Endowment Fund 195,594 Doshisha-American Studies Prize 50,526 Nigel Lindsay Bowers 1976 Fund 56,562 Doshisha-Asian Studies Prize 51,793 Class of 1908 Endowment Fund 68,764 James R . Elster 1971 Award 101,975 Class of 1920 Alumni Endowment Fund 14,436 Pedro Grases Prize in Spanish 126,754 Class of 1931 Memorial Fund 397,012 Anna Baker Heap Prize Fund 64,167 Grant A . Goebel 1920 Memorial Fund 26,423 Edward Jones 1826 Prize Fund 18,482 Samuel A . Howard 1882 and 1917 Fund 122,792 James Charlton Knox 1970 Memorial Fund 117,707 Glenn D . Kesselhaut 1978 Fund 46,531 Sylvia and Irving Lerner Piano Prize Fund 50,139 W . Eugene Kimball 1896 Fund 299,868 Manstein Family Award 42,779 William A . King 1878 Memorial Fund 1,603,765 Moseley Prize Fund 191,513 Harry J . Kohout 1917 Fund 70,397 The 19th Century English Novel Prize Fund 35,402 John T . McAllister 1931 Memorial Fund 82,448 Gordon B . Perry Memorial Fund 45,649 Charles McGowan 1917 Fund 39,699 Donald S . Pitkin Prize Fund 23,604 Ervin A . Tucker 1923 Fund 22,964 Walter F . Pond 1907 Geology Prize Fund 32,049 Eleazer Porter Prize Fund 62,298 Total Alumni Endowment Funds $5,094,658 Psi Upsilon Prize Fund 170,476 David Quinn Memorial Fund 16,971 FUNDS SUBJECT TO RESERVED INCOME Noah C . Rogers Public Speaking Prize 45,585 Adams Benevolent Fund 131,041 John Sumner Runnells 1865 Memorial Fund 140,235 The Jean Reed Keith 1937 Phi Beta Kappa Fund 4,597 Sawyer Prize Fund of Physical Education 64,360 John B . Schwemm Snack Bar Fund 1,094,898 Oscar E . Schotte Prize Fund 64,002 Total Reserved Income Funds $1,230,536 Oscar E . Schotte Scholarship Fund 64,269 Obed Finch Slingerland 1942 Memorial Fund 291,340 ACADEMIC SERVICES Laura Ayres Snyder Poetry Prize Fund 54,801 William K . Allison 1920 Memorial Art Fund 251,061 Stanley V . and Charles B . Travis 1864 Fund 64,274 Alpha Delta Phi and Frank Babbott 1878 Frederick King Turgeon Prize Fund 75,302 Alpha Delta Phi Fund 1,956,535 Walker Prize Fund 148,119 Amherst Art Series Fund 2,050,834 Thomas H . Wyman 1951 Memorial Endowment Fund 111,803 Beals Computer Lab Fund 67,624 William C . Young 1921 Memorial Fund 47,475 David R . Belevetz 1954 Memorial Fund in Chemistry 35,768 Total Prize Funds $4,137,557 Jeffrey Richard Bernstein 1991 Fund 60,395 Center for Russian Culture Fund 5,473,681 FELLOWSHIPS Saul Z . Cohen Book Fund 182,618 Amherst Memorial Fellowship Fund 3,250,033 Copeland Colloquium Fund 7,782,095 John Mason Clarke 1877 Fellowship in The Richard D . Cramer Fund for the Arts 134,198 Paleontology & Geology 681,336 Croxton Lecture Fund 3,670,567 Evan Carroll Commager Fellowship Fund 746,083 Samuel B . Cummings Art Purchase Fund 64,575 Warner Gardner Fletcher 1941 Fund 141,334 Samuel B . Cummings Lectureship Fund 64,575 Roswell Dwight Hitchcock Memorial Fund 233,052 T . Krista DeGroot Fund 233,231 Rufus B . Kellogg 1858 Fellowship Fund 1,888,450 Benjamin DeMott Memorial Fund 93,198 Sterling Lamprecht Fellowship Fund in Philosophy 465,254 Lucius Root Eastman 1895 Edward Poole Lay 1922 Fellowship Fund 1,290,665 Fund for Visiting Lecturers 913,203 Forris Jewett Moore 1889 Fellowship Fund Emery Fund for Academic Support 501,144 in Chemistry 1,025,478 Bonnie B . Emory Fund 71,812 in History 678,634 The Faculty Scientific Fund 1,923,612 in Philosophy 859,398 Vadim Filatov, M .D ., 1986 Memorial Lecture Fund 51,251 George Stebbins Moses 1957 G . Forrest Gillett 1936 Memorial Fund 49,862 Memorial Fellowship Fund 941,506 Judith and Steven M . Gluckstern 1972 C . Scott Porter 1919 Memorial Fellowship 253,194 Technology Fund 1,871,625 Lloyd I . Rosenblum Memorial Fellowship Fund 174,274 Uta Graf Fund for Music Performance 591,694 Charles B . Rugg 1911 Douglas C . and Ann M . Grissom 1989 Memorial Fellowship Fund in Law 309,108 Fund for Writing 470,030 John Woodruff Simpson 1871 Fellowship Fund 5,247,133 Jeffrey D . Gutcheon 1962 Music Fund 52,668 Benjamin Goodall Symon, Jr . 1957 John Whitney Hall 1939 Fund 191,319 Memorial Fellowship Fund 284,278 Nicholas Curtis Heaney Memorial Fund 40,000 Roland Wood 1920 Fellowship Fund in Dramatics 849,420 Edward Hitchcock Fund for Student Research in Environmental Science 1,568,036 Total Fellowships $19,318,630 The Charles H . Houston Forum on Law and Social Justice 902,652 The Information Technology Fund 9,471

55 s Victor S . Johnson 1882-1943 Lectureship 3,166,356 Doelling Undergraduate Research Fund 98,056 The Robert L . Kane 1951 Memorial Geology Fund 71,160 George E . Doty III 2005 Fund for Sports Information 51,425 Christopher L . Kaufman 1967 and Paul Eckley Memorial Fund 65,369 Charles Alexander Kaufman 2010 Philip Edmundson 1980 Internship Fund 719,378 Film Studies Fund in honor of John E . Foley 1987 Fund for Community Engagement 176,462 Professor John Cameron 63,716 William E . Ford III 1983 Fund 111,018 The Keith Family Fund for Research and Scholarship 192,668 Eric O . Fornell 1978 Internship Fund 123,100 Kropf Fund for Science Research 84,447 Seth E . Frank 1955 Fellowship Fund 424,064 Corliss Lamont Lectureship for a Peaceful World 1,205,466 Gay and Lesbian Issues Fund 35,935 Max and Etta Lazerowitz Lectureship Fund 60,171 Pierce Gerety Internship Fund 242,620 Linden Family Fund 124,913 Joy-Gerhard Sports Award Fund 46,422 Karl Loewenstein Fellowship in Political Science Inge and D . Robert Gould Internship Fund 38,907 and Jurisprudence 7,222,759 Sylvia C . Hecht and Benedict L . and Kristen and Christopher Mahan 1989 Information Babette H . Rosenberg Internship Fund 549,361 Technology Fund 100,691 Edward Hitchcock Fellowship in Physical Education 429,641 Mayo-Smith-Read Trans-Disciplinary Fund 244,788 Ronald N . Hoge 1967 Internship Fund 3,492 McGuire Family Science Fund 4,783,520 Hotchkiss/Patrick Internship Fund 1,397,659 Mead Art Museum Academic Programs Fund 620,279 Samuel Clowes Huneke 2011 German Fund 30,399 The Andrew W . Mellon Fund 5,511,633 James J . Jordan, Jr . Memorial Fund 79,846 David W . Mesker 1953 Fund 308,333 Sally Rathmann Kadifa, M .D . 1981 Fund for Mishkin Fund for Musical Performance 98,379 Community Engagement 145,125 Charles H . Morgan Memorial Fund 76,642 Kauffman Fellowship in Biomedical Research 139,091 David P . Patchel 1991 Memorial Fund 45,220 Harry V . Keefe, Jr . 1943 Health Program Fund 886,866 Virginia and David S . Pennock 1960 William A . Krupman (1958) and Pamela Allyn (1984) Russian Culture Fund 89,430 Internship Fund 591,845 The Hall and Kate Peterson fund for the Lazarus Family Fund 113,037 Mead Art Museum 1,434,181 MacRae Family Internship Fund 36,468 Everett H . Pryde Fund 49,967 G . Vicary Mahler 1953 Fund 141,829 Rapaport Lectureship in Contemporary Art 97,677 Mayo-Smith Teaching Fellowship Fund 338,514 Dr . Raymond A . Raskin Fund 30,439 McGuire Family Fund for Athletics 2,320,969 Read Fmily Fund 123,363 Minority Recruitment and Retention Fund 1,293,589 Ross Glee Club Fund 97,173 Monosson Family Fund 58,201 H . Axel Schupf 1957 Fund for Intellectual Life 9,466,019 Don and Jane Morse Internship Fund 100,200 Schupf Scholars Fund 4,198,191 Ouyang Family Summer Study Program Fund 601,065 The Schwemm Fund 565,473 Carol K . and John N . Park 1953 Golf Fund 64,379 Science Initiative Fund 6,368,906 Pincus-Johnson-Sandler Community Service Fund 1,335,605 Samuel L . and Charlotte E . Sperling Constitutional Hugh B . Price 1963 Internship Fund 471,963 Law and Public Policy Colloquium Fund 115,525 Brooke Kamin Rapaport 1984 Fellowship in Tagliabue Fund 208,869 Art History 55,864 Louis B . Thalheimer 1966 Roch-McKinstry Study Abroad Fund 63,382 Amherst Study Center Fund 3,860,843 The Steven M . Rostas Ski Fund for Carry-Over Sports 546,677 The F . King Turgeon Memorial Fund 171,772 Schnell Family Public Service Internship Fund 183,467 Sellin Family Internship Fund 72,579 John M . Vine 1966 Fellowship in Economics 188,500 Eugene Smith Wilson, Jr . 1929 Memorial Fund 719,477 Lawrence and Suzanne Weiss 1962 Fund 411,145 Atherton H . Sprague 1920 and Mary Ann Sprague White Family Fund for Chemistry 198,254 Memorial Tennis Fund 78,239 Julia A . Whitney Fund for Russian Art 157,893 Robert M . Tiffany 1941 Hockey Fund 171,164 Wise Fund for Fine Arts 4,326,443 Scott J . Ulm 1980 Internship Fund 117,175 Wolansky Family Research Fund 119,861 Volpert Internship Fund 129,015 Willis D . Wood 1984 Fund for Religion 1,753,538 Peter J . Weiller 1956 Internship Fund 60,073 Total Academic Services $89,343,937 Everett A . White 1889 Physical Education Fund 1,681,982 Leo C . and Cora G . Wilcox Internship Fund 127,146 STUDENT SERVICES Joseph and Joyce R . Wolf Fund 87,913 Consolidated 43,545 Wolff Community Fund 793,612 Roger Alcaly Public Service Fund 1,203,830 Kenneth T . Wright 1952 Memorial Fund 170,370 Amherst College Rugby Football Fund 142,042 Total Student Services $22,595,376 Harvey Blodgett 1829 Memorial Scholarship Fund 71,686 David G . Bunting Family Internship Fund 196,829 EMILY DICKINSON MUSEUM Geoffrey David Chazen 1980 Internship Fund 121,535 Martha Dickinson Bianchi Trust 838,723 Edward M . Clarke, Jr . 1969 Internship Fund 176,598 Gilbert H . Montague Fund 414,346 Class of 1954 Commitment to Teaching Fund 1,575,325 Class of 1959 Soccer Fund 51,852 Total Emily Dickinson Museum $1,253,069 Crew Fund 501,172 TOTAL PERMANENT ENDOWMENT $1,267,409,560 Dangremond Internship Fund 48,223 James Q . Denton Fund 60,654 Frederick L . Doar, Jr . Athletic Fund 82,050

56 s Term Endowment, Income Unrestricted Bazil W . Brown, Jr . 1953 56,111 Consolidated 16,028,247 George A . Brown 1905 Fund 471,703 Gift Accounts for future allocation Edward Kendall Browne 1906 Memorial Fund 2,779,586 Jessie Brill 1964 Gift Account 102,434 Nathan C . Bulkley 1904 Fund 1,225,144 Spiegel-Litowitz Fund 42,159 Howard F . Burns 1912 Fund 185,670 The Harry N . Busick 1927 Fund 1,937,919 Total Unrestricted $16,172,840 Lulu C . Butler Fund 189,429 Robert M . Byrne 1941 97,872 Term Endowment, Income Restricted Centennial Fund 235,572 INSTRUCTION Clara M . Chapin Fund 7,600,253 Funds for Specific Instruction Purposes Richard E . Church 1941 10,372 Frank Backus Williams Fund 714,966 Dexter Clarke 1938 Fund 65,800 Class of 1906 Fund 70,397 Total Instruction $714,966 Class of 1910 50-Year Fund 80,923 Class of 1912 Fund 599,500 LIBRARY Class of 1914 Fund 433,959 Michael J . Israels 1971 Library Fund 87,629 Class of 1916 Endowment Fund 289,836 Total Library $87,629 Class of 1936 Memorial Fund 543,088 Class of 1953 Endowment Fund 1,341,448 PRIZES Class of 1957 Endowment Fund 2,680,554 Haskell R . Coplin Memorial Prize Fund 25,973 Class of 1966 Capital Fund 161,223 Estate of Elizabeth Lamprecht Cobb 53,920 Total Prizes $25,973 Sally R . Cohn 54,092 J . Gerald Cole 1915 Fund 49,881 FUNDS SUBJECT TO RESERVED INCOME Howard O . Colgan, Jr . 1932 56,369 Amherst Day School Fund 495,033 Cyrus and Madeleine Collins Fund 132,368 Amherst College Neesima Endowment Fund 44,618 Estate of Sarah Nelson Cook 657,552 Frautschi/Rosenfeld IM/PM Debate Fund 236,255 Thomas F . Cousins 1913 Fund 155,122 Total Reserved Income Funds $775,906 Dennison B . Cowles 1921 119,763 G . Armour Craig Fund 136,164 TOTAL TERM ENDOWMENT $17,777,314 Estate of Mary Crane 24,683 Miner D . Crary, Jr . 1942 Fund 1,339,220 Quasi-Endowment, Unrestricted John F . Creamer 1916 Fund 213,081 Consolidated 65,395,034 William H . Creamer 1936 Fund 73,505 Janet G . and William H . Agnew 1943 664,359 Edward C . Crossett 1905 Fund 28,168,623 Walter T . Akers, Jr . 1927 Fund 61,202 Estate of Winthrop S . Dakin 715,525 Walton C . Allen 1920 Fund 29,602 E . Kent Damon 1940 Endowment Fund 222,766 Dana S . Anderson 1930 Fund 659,607 Dana Street Property Fund 640,832 Robert A . Arms 1927 Memorial Fund 1,020,291 Jane B . Davey Fund 465,323 Estate of Winifred L . Arms 13,891,144 Robert J . Davis 1919 Fund 297,076 George W . Atwell 1874 Fund 164,918 Paul DeCicco 1927 Fund 23,287 Estate of Paula R . Avenius 2,912,737 W . E . Dickerman 1890 Fund 200,256 Estate of Marie Ax 46,337 Maude R . Dillon Fund 263,327 Frank L . Babbott 1878 Fund 27,892,103 Estate of Lloyd P . Dodge 1936 123,941 Thomas B . Babcox 1941 89,457 Estate of Lewis W . Douglas 1916 761,303 Loretta Baker-Pohl 144,756 Edwin Duffey 1890 Fund 4,518,749 Martin T . Baldwin 1893 Fund 113,748 Estate of Paul G . Dugan 48,184 William H . Baldwin 1928 Fund 31,235 Estate of George G . Eakin 1948 377,970 Baldwin and Lilly Fund 80,085 Louis F . Eaton 1940 Fund 63,428 Robert P . Barnes 1940 25,502 Robert Eaton 1943 and Meredith Eaton Fund 155,236 Charles Baumheckel, Jr . 1937 Fund 147,904 Reginald H . Ellis 1923 Fund 1,104,006 John B . Bean 1941 Fund 436,454 Estate of Daniel E . Emrie 1910 197,635 John H . Becker, Jr . 1940 808,284 Frank B . Evans III 1935 Endowment Fund 562,885 Frederick T . Bedford 1899 Fund 6,779,660 Francis F . Faulkner 1944 170,713 Marcus G . Beebe 1936 93,554 Paul L . Feinberg 1928 27,604 Ernest P . Bennett Fund 90,805 James R . Field 1940 61,287 Estate of Robert U . Berry 1925 92,137 Franklin M . Finsthwait 1932 Fund 37,787 Dwight B . Billings 1918 Fund 222,511 Osmun Fort 1937 Fund 46,058 D . H . Bixler 1896 Fund 549,490 Evan Fotos 1944 Fund 51,364 Herbert E . Bixler 1932 Fund 334,798 John R . and Dorthalene Fowler 1940 Fund 197,360 Carl M . Blair 1899 Fund 1,534,249 Robert B . Freeman 1923 Fund 567,470 Roy R . Blair 1918 Fund 100,815 Laura M . Friel 127,797 Edward W . Blatchford 1891 Fund 65,928 I . Lloyd Gang 1943 Fund 328,442 Molly Bean Borgenson Fund 580,081 Garnett Family Trust Fund 1,565,721 Estate of Robert H . Breusch 296,001 John M . Gaus 1915 Fund 279,095 Ralph B . Bristol 1917 Fund 48,700 E . N . Gibbs Fund 199,547

57 s Estate of Mary Musser Gilmore 154,499 Estate of Rose L . Kyle 1,014,942 Estate of Alpheus John Goddard, Jr . 1925 54,350 Estate of Hayes C . Lamont 1957 84,596 Donald R . Grant 1945 Fund 1,570,938 Sterling P . Lamprecht Fund 85,176 Walter A . Grant 1925 68,356 Arthur L . Lanckton 1934 Fund 30,161 J . Newell Green 1923 Fund 64,231 Gregory Lane 1933 Endowment Fund 150,277 John L . Green 1942 Fund 66,466 William N . Larkin 1937 Fund 18,797 Estate of Virginia Greenough 68,416 Robert F . Lehman 1931 Fund 353,187 William B . Greenough 1888 Memorial Fund 105,176 Edward H . Lerchen 1942 147,736 Raymond Josiah Gregory 1896 Memorial Fund 100,149 Estate of Ward B . Lewis 1960 306,187 Ruth Gridley Fund 505,460 Estate of Suzanne Gabriella Lindsey 422,647 Merton L . Griswold, Jr . 1925 105,198 Walter C . Longstreth 1901 Fund 137,077 Minot Grose 1936 21,589 Estate of Cedric M . Luce, Jr . 1944 1,264,800 John C . Haas 1940 Fund 1,943,401 The H . Gardner Lund 1904 Fund 89,022 Frederic M . Hadley 1928 Fund 418,213 Edwin H . Lutkins 1916 Fund 1,338,634 Edward T . Hall 1907 Fund 142,276 Thomas H . Lydon 1944 Fund 38,797 The Gordon R . Hall 1915 Memorial Fund 23,110,516 Hector E . Lynch III 1940 Fund 72,640 John S . Hall 1930 Fund 119,698 F . and L . MacFarland Charitable and Educational Fund 205,648 Louis H . Hall 1897 Memorial Fund 108,549 Harry Cornell Madden 1925 Fund 43,673 Louis J . and Elizabeth K . Hall Fund 42,799 Estate of Edward J . Maloney 1917 2,718,017 Howard K . Halligan 1930 Fund 87,110 Jane D . Marshall Fund 77,250 Stanley P . Ham 1925 Fund 57,379 Robert K . Massey 1937 Memorial Fund 207,506 Donald M . Harris 1932 510,758 Richmond Mayo-Smith 1909 Fund 154,241 Estate of Shattuck W . Hartwell, Jr . 1950 228,362 John H . McBride 1926 13,727 Estate of James S . Harvey 1928 63,136 Estate of H . Douglas McGeorge 1932 154,821 Leland Hays 1905 Fund 54,973 Hugh J . McLane 1944 Fund 273,908 Carlton F . Heard 1921 Fund 113,833 Estate of Everett F . McTernan 1915 1,872,313 Gilbert P . Heathcote 1945 242,382 The Mead Fund 4,200,720 John C . Hellebush 1945 16,863 Dudley H . Meek, Jr . 1952 180,050 Richard M . Hemenway 1932 18,801 Cornelia R . Meiklejohn 371,186 Estate of Charles M . Henderson 1931 127,729 Charles E . Merrill 1908 Fund 553,872 Thomas J . Henderson 1953 68,024 Charles E . Merrill Trust and Estate 25,105,364 Estate of Margaret B . Hendrickson 1919 328,504 Dorothy W . Merrill 22,277 Everett M . Hicks 1929 Fund 86,229 Earl W . Merrill 1927 Fund 51,965 William W . Higgins 1957 119,944 James Merrill 1947 Fund 3,988,398 Aida M . Hildreth Memorial Fund 29,645 Oliver B . Merrill 1925 Fund 585,935 Helen M . Hill 1925 Fund 880,056 Estate of Jane Peck Messler 171,445 Estate of Morton C . Hirshkind 992,429 Joseph D . Messler 1935 413,307 Chandler H . Holton 1929 Fund 29,903 Lloyd W . Miller 1919 Fund 73,039 Reverend Lawrence M . Horton 1932 83,995 Robert T . Miller, Jr . 1899 Fund 95,939 W . Stewart and Anne Hotchkiss 1929 Fund 73,260 Arthur N . Milliken 1880 Fund 337,934 Dennett and Rosamond Howe Fund 236,067 The Millimet Lead Trust Fund 56,176 Charles Evans Hughes Fund 286,377 Ivalita G . Miner 40,193 Mr . and Mrs . F . K . Middleton Hunter Fund 62,384 Bruce M . Minnick 1940 32,416 John W . Ireys 1935 54,715 Charles E . Mitchell 1899 Fund 400,490 William A . Jewett, Jr . 1934 32,157 Hazel I . and Robert L . Mitchell 1943 Fund 117,558 Donald F . Johnson 1958 86,052 Edward W . Morehouse 1918 Fund 50,913 Harold F . Johnson 1918 Fund 264,122 Estate of Chandler Morse 1927 55,619 Porteous E . Johnson 1928 1,501,247 Horace C . Moses, Jr . 1929 Fund 1,357,473 Thomas H . Johnson 1920 8,630,013 Estate of Alexander Hyde Mossman 1920 53,018 Harry F . Jones, Jr . 1938 Fund 89,000 Peter W . Moyer 1949 159,461 Logan O . Jones 1939 28,313 Estate of Katharine A . Murphy 177,034 J . Hartley Joys 1939 Fund 40,340 Edwin A . Neale 1930 116,304 James T . Kaull, Jr . 1942 Fund 40,751 Frank F . Nelson 1873 Fund 71,127 George J . Kautzenbach 1921 Fund 482,767 William J . Newlin 1899 Fund 113,748 Gerald Keith 1915 Fund 474,367 Nicholls Biondi Fund in Honor of Richard H . Nicholls 244,458 Douglas E . Kellogg 1941 Fund 92,588 Violet B . Nienaber Fund 104,688 Henry P . Kendall 1899 Fund 9,959,736 Estate of Ralph H . Oatley 1922 124,510 Henry W . Kendall Fund 9,816,739 Lester N . Odams, Jr . 1951 Fund 125,891 Robert H . Kennedy 1908 Fund 843,365 Charles H . Olmsted 1943 Fund 47,132 Estate of Gordon Ketcham 1928 61,739 Theodore P . Palmer 1928 98,388 Ruth B . and Marcus P . Kiley 1919 Fund 1,816,416 Martha J . Parker Fund 109,773 Estate of Stanley King 1903 14,291,161 Charles F . Partridge 1933 133,198 Joseph R . Kingman, Jr . 222,843 Estate of Ralph D . Patch 1927 489,619 Grace N . Klem 248,397 Loomis Patrick 1927 Fund 54,973 Estate of G . Edward Knapp 1934 82,232 Randolph Paul 1911 Fund 150,181 Richard S . Kyle 1924 Fund 174,241 Horace B . Paulmier 1929 Fund 113,275

58 s F . Stuart Pease 1912 Fund 82,577 Robert R . White, Jr . 1919 Fund 26,917 John R . Penn 1899 Fund 462,724 Ralph T . Whitelaw 1902 Fund 258,043 Estate of Janet S . Perkins 104,811 Estate of Elizabeth H . Whitney 50,913 DeNyse W . Pinkerton Fund 160,243 Thomas P . Whitney 1937 Fund 357,612 Francis T . P . Plimpton 1922 Fund 71,163 Theodore L . Widmayer 1917 Fund 3,053,152 Frederick J . Pohl 1911 420,554 Charles J . Wier 1889 Fund 2,705,516 Harold I . Pratt 1900 Memorial Fund 201,631 Charles T . Wilder Fund 318,665 Sherman Pratt 1927 Fund 9,636,424 Bertha L . Wilkinson Fund 100,149 Newell and Anita G . Presbrey 19,678 Benjamin Williams 1936 110,996 Henry Randall 1929 164,132 Estate of Mabel M . Williams 480,611 Estate of Paul A . Raushenbush 1920 27,368 Mazelia E . Williams Fund 61,460 Reader’s Digest Foundation Fund 128,441 Ralph M . Williams 1933 Fund 51,471 Leslie and Norma Redman Fund 92,804 James R . Williston Fund 1,001,279 Joseph E . Reeve 1929 Fund 144,445 Thomas M . Wilson, Jr . 1933 Fund 7,276,407 Estate of Charles Reynolds 1953 1,057,952 Dwight L . Woodberry 1902 Fund 830,561 Estate of James O . Reynolds 1947 77,830 James L . Woodress, Jr . 1938 Fund 164,798 Estate of Elsie T . Rider 53,018 David W . Woodward 1934 174,392 E . Marion Roberts 1911 Fund 1,266,432 Estate of John N . Worcester 1921 534,560 Emily T . Robertson 770,648 Estate of Elbert Wortman 1910 163,547 Hayden D . Robinson 1917 Memorial Fund 98,517 Edward B . Wright 1920 Fund 114,113 Ruth Hibbard Romer Fund 53,340 Frances L . Youtz Fund 235,100 William H . Ross 1929 Fund 512,605 Total Quasi-Endowment, Unrestricted $388,875,641 Estate of Gordon A . Rust 1930 4,103,140 Estate of Frank K . Sanders, Jr . 1917 297,140 Quasi-Endowment, Restricted Howell E . Sayre 1908 Memorial Fund 61,159 Henry Schmidt 1933 15,553 ADMINISTRATION Oscar E . Schotte Fund 307,047 Kurt L . Daniels 1923 Presidential Fund 2,241,782 Jewel H . Schwab Fund 224,015 John D . Weil 1963 Presidential Discretionary Fund 273,467 The Seligman Fund 1,525,335 Emily A . Shields 40,365 Total Administration $2,515,249 The Franklin Atwood Shurtleff 1928 Memorial Fund 668,995 Estate of June S . Sicard 2,899,456 INSTRUCTION Elizabeth B . and Richard P . Simcoke 1932 564,242 Funds for Specific Instruction Purposes Estate of G . Northrup Simpson, Jr . 1951 1,301,653 Consolidated 256 Bradley F . Skinner 1934 Fund 31,308 John Tennant Adams 1929 and Elizabeth Collins Adams Athanasios Demetrios Skouras 1936 Memorial Fund 64,017 Music Fund 2,002,494 Ebenezer Strong Snell 1822 Memorial Fund 2,896,042 The Amherst College Campaign Fund for Theodore Southworth 1919 Fund 199,826 Interdisciplinary Teaching 70,612 Atherton H . Sprague Fund 274,514 Bruce B . Benson Physics Fund 60,910 James A . Stewart 1939 Fund 333,351 William Constable Breed and Harold F . Still, Jr . 1944 Endowment Fund 361,622 James McVickar Breed 1903 Memorial Fund 11,333,940 Robert I . Stout 1913 Fund 3,003,000 Elizabeth W . Bruss Fund 102,514 Arthur I . Strang 1937 80,257 Arnold Collery Econonmics Fund 35,758 Estate of Dorothy G . Suydam 48,184 William Nelson Cromwell Fund 5,905,167 George W . R . Sykes 1938 56,288 W . W . Davis 1879 Fund 52,631 John C . Tapley, Jr . Fund 43,673 The Dow Reinvested Income Fund 2,207,530 Estate of Thomas H . Taylor, Jr . 708,369 Economics Department Fund 113,571 Ruth L . Thompson 1920 Fund 24,833 English Language and Literature Estate of Clarice Brows Thorp 441,412 Reinvested Income Fund 146,543 Harry G . Tinker 1893 Trust 812,044 Friends of Music Endowment Fund 42,685 Estate of George L . Titus 1924 211,212 Fund for Special Geology Field Trips 169,357 Phelps Tracy 1931 Endowment Fund 212,294 Estate of George Harris 1906 271,383 Edmund C . Twichell 1933 22,384 Japanese Language and Literature Fund (NEH) 359,438 Procter C . Twichell 1937 35,574 Harold F . Johnson 1918 Fund 98,345 Clinton W . Tylee, Jr . 1936 71,578 Knowles Fund 100,149 Eliza W . Valentine Fund 3,037,428 Robert Edmund Lee 1940 29,667 Howell Van Auken Memorial Fund 1,149,570 Massachusetts Professorship in Chemistry John L . Van Woert 1933 20,344 and Natural History 305,389 Anita T . Wait Fund 81,081 Moore 1871 Laboratory Fund 311,533 Estate of Raymond M . Walls, Jr . 1953 86,336 James R . Nelson Fund 420,465 Paul W . Watt 1923 Fund 297,956 Edmund L . Pratt 1925 Athletic Fund 913,912 Estate of Harold N . Weber 897,582 Edmund L . Pratt 1925 Fine Arts Fund 80,901 Edgar H . Weil and Florence Weil Fund 133,402 Edmund L . Pratt 1925 Music Fund 80,901 Nellie Wells Fund 245,110 Leslie T . Webster 1915 Biological Sciences Fund 2,267,884 Estate of Oliver Wells 41,117 Total Instruction $27,483,935 Grace Wethern Fund 245,519

59 s LIBRARY Elbert W . Rockwood 1884 Fund 1,209,226 Consolidated 71,447 Soule Family Memorial Scholarship Fund 548,480 Lucy Wilson Benson Fund 39,763 Von Blon Family Scholarship Fund 98,732 Hannah S . Calmus Library Fund 1,226,454 Robert A . Ward Fund 193,687 Stuart C . Frazier Book Fund 40,751 Joseph C . Weller 1928 Scholarship Fund 100,666 Friends of Library Endowment Fund 42,685 Westinghouse Foundation Scholarship 133,404 David C . Fulton 1951 Book Fund 69,559 Henry Kirk White 1880 Scholarship Fund 34,028 John F . Genung Fund 79,183 Total Scholarships and Student Aid $11,541,369 George H . Gilbert Fund 209,257 Frederick Walbridge Hoeing 1929 Fund 39,613 PRIZES Eric S . Jeltrup 1934 Robert Frost Library Fund 192,350 Robert H . Breusch Prize Fund 64,317 The Frederick S . Lane Fund 80,665 G . Armour Craig 1937 Prize Fund 28,829 The Amherst College Campaign Fund for Anthony and Anastasia Nicolaides Award 20,258 Library Acquisitions 45,091 Total Prizes $113,404 The Library Acquisitions Fund NEH 91,256 May H . Morris and Albert M . Morris 1913 Fund 863,558 ACADEMIC SERVICES Howard A . Newton 1906 Fund 486,741 Consolidated 1,599 The Olds Family Fund 110,228 Amherst Center for Russian Culture 162,504 The Stanley I . Posner 1930 Book Fund 57,013 The Amherst College Campaign Fund for Faculty Edmund L . Pratt 1925 Library Fund 913,912 Research and Scholarship 137,657 Morris Pratt 1911 Dormitory Library Fund 74,113 The Collins Print Room Endowment Fund 78,464 Willard and Claire Brows Thorp Library Fund 60,519 Joseph Epstein Lecture Fund in Philosophy 60,536 Ralph M . Williams 1933 Fund 30,204 Forry and Micken Fund in Philosophy and Science 422,174 Total Library $4,824,362 Glee Club Endowment Fund, in memory of James Evan Boicourt 1969 30,764 PHYSICAL PLANT George L . Hamilton 1893 Fund 1,294,080 Faculty Club Fund 750,992 The Keck Foundation Fund 770,476 Harry V . Keefe Student Health Center Fund 3,171,355 Pratt Museum Fund 431,860 Edmund L . Pratt 1925 Building Maintenance Fund 295,142 Program for Physical Science Development 1,803,226 Laura P . Pratt Dorm Renovation Fund 270,610 Science Initiative Reinvested Income Fund 3,486,408 Schupf Family Landscape Fund 53,321 The Templeton Photography Fund 501,778 John William Ward Fund 358,600 Weather Station Fund 45,362 Frederick W . Zink Maintenance Fund 942,461 Wise Acquisition Fund for Mead Art 358,595 Total Physical Plant $5,842,481 Total Academic Services $9,585,483 SCHOLARSHIPS AND STUDENT AID STUDENT SERVICES Consolidated 173,121 The Amherst College Campaign Fund for Student Life 28,249 The Amherst College Campaign Fund for Philip W . Avirett 1946 Memorial Fund 113,436 International Student Aid 139,419 Turner Family Hockey Program Fund 201,766 The Amherst College Campaign Fund for Total Student Services 343,451 Student Financial Aid 1,132,492 Paula R . and David J . Avenius 1941 Scholarship Fund 505,938 Total Quasi-Endowment, Restricted $62,249,734 Jay W . Butts 1946 Scholarship Fund 129,046 Edwin Clapp 1849 Scholarship Fund 134,972 Quasi-Endowment, Designated Carlton J . Cuqua Memorial Fund 43,050 COLLEGE Augustus I . Dillon 1906 Fund 292,307 General Memorial Fund 513,024 Elsie Dittrich Lepper Scholarship Fund 769,252 Warner Seely 1915 and Charles D . Seely 1876 Frank Rose Elder 1911 Scholarship Fund 146,035 Memorial Fund 50,805 Richard D . Fairbend, Jr . 1929 Scholarship Fund 41,697 Total College $563,829 Miriam and Henry Fillman 1917 Scholarship Fund 1,147,828 Elmo Giordanetti Memorial Scholarship Fund 88,377 ADMINISTRATION John H . Klingenfeld 1913 Loan Fund 58,045 Consolidated 8,658,554 O . Howard Korell 1954 Scholarship Fund 112,933 Frank K . Daniels Fund 164,531 James B . Krumsiek 1958 Memorial Scholarship Fund 704,254 Kurt L . Daniels 1923 Fund 304,594 George W . McFadden, Jr . 1922 Scholarship Fund 111,256 Hewlett-Mellon Presidential Discretionary Fund 1,280,482 Middle Income Student Loan Fund 102,942 Samuel and Ethel LeFrak Alfred S . Lee Scholarship Fund 1,538,278 Presidential Discretionary Fund 1,561,209 Walter W . and Catherine S . Newcombe The McGregor Foundation Presidents Fund 87,002 Scholarship Fund 74,564 Laura P . Pratt Fund 2,435,551 Roderic D . G . O’Connor Scholarship Fund 359,266 Theodore B . Plimpton 1902 Scholarship Fund 142,018 Total Administration $14,491,923 Edmond C . Powers Scholarship Fund 106,900 President’s Discretionary Fund 864,490 The Returned Scholarship Fund 304,666

60 s INSTRUCTION STUDENT SERVICES General Instruction-various funds applicable to the common George L . Cadigan 1933 Chaplaincy Fund 4,124,407 purpose of teachers’ salaries Career Center Internships 153,532 Paula R . and David J . Avenius 1941 Professorship 1,002,219 The Richard M . Foose Geology Prize Fund 392,193 Douglas Dayton 1946 Fund 108,463 Total Student Services $4,670,132 The Ford Foundation Fund 30,755,706 Roger C . Holden 1919 Professorship in Total Quasi-Endowment, Designated $87,435,954 Theater and Dance 2,376,182 TOTAL QUASI ENDOWMENT $538,561,329 Total General Instruction $34,242,570 TOTAL ENDOWMENT FUNDS $1,823,748,203 Funds for Specific Instruction Purposes Ashton Fund 102,856 Life Funds Frances C . Chapman Fund 187,646 The Balanced Income Fund $6,666,496 Edward C . Crossett 1905 Fund 639,328 S . Stanley Alderfer 1930 Willard C . McNitt 1942 The Winifred Capron Moyer Fund 259,740 Anonymous David H . Means 1950 Total Specific Instruction Purposes $1,189,570 Robert W . Boden 1953 Matthew P . Mitchell 1954 J . Robert Buchanan 1950 and Angela F . Mitchell Total Instruction $35,432,140 Isabel E . Bumstead Hugh G . Moulton 1955 LIBRARY Pierce A . Cassedy 1943 Alexis P . Nason 1943 Barrett W . Couper 1971 Memorial Fund 210,942 Maurice F . Childs 1954 Edmund G . Noyes 1943 Alpheus John Goddard 1893 Memorial Fund 66,014 William C . Clarke, Jr . 1944 Theodore P . Palmer 1928 The Israels Family Fund 508,953 Howard O . Colgan, Jr . 1932 John N . and Michael A . Connor, Jr . 1945 Carol K . Park 1953 Total Library $785,909 William F . Cordner 1940 Wm . Richard Park 1949 PHYSICAL PLANT Robert E . Dillon, Jr . 1953 Linn B . Perkins 1949 Waldo E . Dodge 1945 Elizabeth H . Potter Richmond M . Rudden Fund 529,855 Louis F . Eaton, Jr . 1940 (Robert A . Potter 1940) Total Physical Plant $529,855 Robert A . Eaton 1943 Philip T . Rand 1961 and Meredith V . Eaton J . Bushnell Richardson, Jr . 1929 SCHOLARSHIPS AND STUDENT AID Ruth H . Fitzgerald and Miriam D . Richardson Consolidated 11,754,463 Richard S . Gray 1953 Donald B . Riefler 1949 Frederick T . Bedford 1899 Scholarship Fund 7,593,868 William B . Greenough III 1953 Robert M . Segal 1936 Chemical Bank Scholarship Fund 487,793 Philip F . Hall, Jr . 1937 Thomas R . Shepard, Jr . 1940 Class of 1934 25-Year Fund 230,202 Myron C . Hamer, Jr . 1953 George L . Shinn 1945 J . Davey Gerhard 1938 Memorial Scholarship Fund 43,587 Montagu Hankin, Jr . 1943 Richard C . Simon 1949 Sarah M . Kaemmerling Scholarship Fund 134,886 Helen S . Harris P . Whitney Spaulding 1950 The McGregor Foundation Scholarship Fund 87,454 (Timothy M . Harris 1957) Polly W . Spaulding The Earl W . Merrill 1927 Scholarship Fund 312,994 George Heller 1952 Clifford B . Storms 1954 William M . Prest 1888 Fund 7,826,562 William S . Hosford 1943 David F . Tuttle, Jr . 1934 Benjamin M . Ziegler Scholarship Fund 881,440 James M . Hund 1944 Nancy W . Valentine Total Scholarships and Student Aid $29,353,249 Thomas H . Johnson 1920 (Richard H . Valentine 1943) Berthe W . Keith Jack H . Vernon 1952 PRIZES (Thomas B . Keith II 1960) Edwin H . Watkins 1946 Alfred F . Havighurst Prize Fund 26,063 Phyllis D . Kirkpatrick Sterling L . Weaver 1953 Charles Hamilton Houston 1915 Prize Fund 18,580 (John E . Kirkpatrick 1951) and Jean C . Weaver Ed Serues Racquets Trophy Fund 14,457 Robert C . Knowles 1951 William B . Whiston 1943 Stonewall Prize Fund 13,663 Charles R . Longsworth 1951 William H . Whorf 1942 Maurice A . Longsworth 1954 Patricia Wilcox Total Prizes $72,763 G . Vicary Mahler 1953 (William W . Wilcox 1954) FELLOWSHIPS Robert C . McAdoo 1943 James P . Wilkerson 1937 The MacArthur-Leithauser Travel Award 153,034 Carolyn L . McCluney Richard E . Winslow, Jr . 1926 (Henry N . McCluney 1939) Total Fellowships $153,034

FUNDS SUBJECT TO RESERVED INCOME Immediate Life Income Fund $6,143,160 Pelham Cemetery Fund for upkeep of Harkness graves 40,064 Robert L . Abbey 1939 William M . Bellows 1944 Total Reserved Income Funds $40,064 Lucetta S . Alderfer Robert H . Bidwell 1941 ACADEMIC SERVICES (S . Stanley Alderfer 1930) Herbert E . Bixler 1932 Fred H . Allen, Jr . 1934 Daniel Bliss 1920 Wallace C . Dayton 1943 Environmental Fund 818,445 George H . Allen David Broadbent 1942 Latham Internships in Washington 221,405 Wallace W . Anderson, Jr . 1951 George G . Brooks 1944 and Mead Art Acquisitions Fund 73,258 Anonymous Priscilla A . Brooks The Charles H . Morgan Fine Arts Fund 194,245 William J . Babcock, Jr . 1943 Henry B . Bruyn 1940 Neesima Memorial Committee Fund 35,703 William H . Banks III 1953 J . Robert Buchanan 1950 Total Academic Services $1,343,056 Edwin R . Bates 1941 John C . Carpenter 1944

61 s Otis Cary 1943 Hugh G . Moulton 1955 Hall Roberts Family Trust Henry B . Pearsall 1956 Willard C . Case 1949 Gilbert H . Mudge 1936 (John F . Hall 1939) Frederick Y . Peters 1942 Howard O . Colgan, Jr . 1932 William J . Murray, Jr . 1945 Leesley B . Hardy 1950 Norma H . Petersen James A . Corrigan 1949 Alexis P . Nason 1943 and Joan J . Hardy (Raymond C . Petersen 1951) Samuel B . Cummings, Jr . 1926 Mary S . Park Ethel V . Harris George H . Phreaner 1937 Robert L . Davidson 1952 (Wm . Richard Park 1949) (W . Chapin Harris 1945) Gordon M . Pradl 1965 Caleb W . Davis 1940 Susan Patton Robert J . Haynes 1946 Robert C . Preble, Jr . 1944 Parker S . Dorman 1944 Pauline Perry David M . Hildreth 1939 Richard C . Read 1941 Raymond H . Dresser, Jr . 1953 George H . Phreaner 1937 and Evelyn W . Hildreth Dora F . Reese John H . Esquirol, Jr . 1950 William E . Redeker 1940 William S . Hosford 1943 William H . Reese 1931 Samuel B . Feinberg 1937 Hugh M . J . Reeves 1940 and Georgette L . Hosford Carol Sagendorph and Marilyn M . Feinberg Adrien L . Ringuette 1948 J . Roger Hull, Jr . 1959 (Samuel L . Sagendorph 1939) Claus N . Felfe 1956 Chalmers M . Roberts 1933 Davis G . Johnson 1941 Walter A . Schloss 1936 W . Philip Giddings 1934 Matthew M . Rubin 1959 and and Mary C . Johnson Andrew A . Scholtz 1950 William J . Graham 1945 Carolyn W . Rubin Robert D . Jones 1952 Daniel B . Schwarzkopf 1951 Thayer A . Greene 1950 Walter A . Schloss 1936 Marilyn E . Kingman Thomas R . Shepard, Jr . 1940 Thomas P . Greenman 1945 Charles F . Sheridan, Jr . 1948 (Henry S . Kingman, Jr . 1943) George L . Shinn 1945 John T . Gyger, Jr . 1949 Edwin F . Sherman, Jr . 1938 Leonard S . Kolsky 1951 Richard L . Silva, Jr . 1949 Benjamin E . Haller 1938 James L . Shields 1935 Peter A . Lefferts 1963 Richard C . Simon 1949 W . Chapin Harris 1945 William P . Simons II 1942 Stephen E . Lewis 1963 William P . Simons II 1942 William C . Hart 1944 John W . Strahan III 1952 John C . Lightfoot 1952 Hubbard M . Smith 1957 Frank C . Hartzell, Jr . 1949 C . George Taylor 1939 Sally Lipton and Linda F . Smith Alfred C . Haven 1945 and Harrison G . Taylor, Jr . 1942 Maurice A . Longsworth 1954 Alfred Soman 1956 Jane H . Haven R . John Theibert 1945 and Laura Leigh MacDougall I . Jack Spiegel 1939 Samuel A . Hess 1943 Nancy Theibert (R . Donald MacDougall Margaret H . Steketee David M . Hildreth 1939 Thomas E . Tisza 1943 1955) (Robert D . Steketee 1950) Abigail J . and David M . Traver 1946 Janet L . Mahler Peter F .E . Swinchatt 1955 George M . Hinckley 1934 Samuel F . Trull 1945 (G . Vicary Mahler 1953) William E . Traver II 1942 Lucy Patton Holt Ervin A . Tucker 1923 Michael E . McGoldrick 1959 Edwin M . Truman 1963 John W . Howard 1949 David F . Tuttle, Jr . 1934 Robert J . McKean, Jr . 1950 Clifford H . Tuttle, Jr . 1952 L . Eugene Hurtz 1939 Theodore G . Walker III 1949 and Sally A . McKean Herbert H . Uhl 1953 John Jeppson 1938 John W . Wastcoat 1934 Margaret McLane Wilfred F . Vallely, Jr . 1950 George R . Jonelunas 1949 Edwin H . Watkins 1946 (Hugh J . McLane 1944) James K . Vernon 1957 Horace W . Jordan 1937 John W . White 1934 Robert L . Meineker 1943 Samuel M . Watson 1951 W . Deaver Kehne 1942 Katharine S . White Suzanne F . Merrill Jean C . Weaver J . Joseph Kelly, Jr . 1941 (John W . White 1934) (Charles F . Merrill 1955) (Sterling L . Weaver 1953) Leslie H . Kerr, Jr . 1940 Elmer W . Wiggins, Jr . 1938 Floyd S . Merritt 1951 Edwin F . Wesely, Jr . 1952 Woodward Kingman 1949 James P . Wilkerson 1937 Hugh G . Moulton 1955 William E . Whitney, Jr . 1954 John E . Lehman 1938 Emmons J . Williams 1945 Peter W . Moyer 1949 Thomas P . Wilson 1939 Charles R . Longsworth 1951 Richard E . Winslow, Jr . 1926 David S . Newcombe 1952 Abigail K . Winans W . Barry Mallon, Jr . 1944 Richard E . Winslow III 1956 and Sissel M . Newcombe (Charles A . Winans 1950) Robert C . McAdoo 1943 Gerald B . Woodruff 1926 John M . Orders 1964 L . Leverett Wright 1938 Henry N . McCluney 1939 George M . Zimberg 1948 Separately Invested Funds $60,767,000 John C . Moench 1943 Fred H . and Frances B . Allen Charitable Remainder Unitrust Gift Annuities $7,794,528 Patricia M . and G . Ernest Anderson 1950 Anonymous Erich H . Cramer 1956 Charitable Remainder Unitrust William J . C . Amend, Jr . 1963 Laura S . Cramer Anonymous Unitrusts James J . Barnes 1954 (Robert R . Cramer 1940) Robert Answorth 1950 Charitable Remainder Unitrust Richard G . Bateson 1945 W . Barton Cummings, Jr . 1951 Kenneth H . Bacon 1966 and Dorothy W . Bacon David S . Beebe 1956 and Judy Beebe Richard W . Cutting 1953 Charitable Remainder Unitrust Robert H . Bidwell 1941 Ethel B . David William Whitaker Baer 1945 and Anne Fraser Baer Paul E . Bragdon 1950 (Clifford C . David 1944) Charitable Remainder Unitrust George G . Brooks 1944 and John T . Dobbin 1945 Michael I . and Holly H . Barach Charitable Remainder Unitrust Priscilla A . Brooks John K . Dustin 1940 Michael I . and Holly H . Barach Charitable Remainder Unitrust II J . Robert Buchanan 1950 George H . Edmonds 1953 Michael I . and Holly H . Barach Charitable Remainder Unitrust III Margery G . Burling Theodore F . Ells 1961 Michael I . and Donna J . Barach Charitable Remainder Unitrust Douglas P . Butler 1942 William W . Falsgraf 1955 A . James Barker Charitable Remainder Unitrust John C . Carpenter 1944 and Jeffrey A . Fillman 1955 Lucy Wilson Benson Charitable Remainder Annuity Trust Evelyn A . Carpenter Robert Y . Fox 1955 Lucy Wilson Benson Charitable Remainder Unitrust Virginia A . Christenson Richard M . Fried 1963 Don B . Blenko 1950 Charitable Remainder Unitrust (Leon R . Christenson 1949) Paul H . Geithner, Jr . 1952 and David R . Bornemann 1961 Charitable Remainder Unitrust Charles H . Cleminshaw 1951 Irmgard H . Geithner John Z . and Caroline S . Bulkeley 1960 Charitable Remainder Paula H . Connolly Elizabeth Lameyer Gilmore Unitrust (Leo W . Connolly 1953) Mary Groskloss Dean E . Butts Charitable Remainder Unitrust Michael A . Connor, Jr . 1945 (Howard H . Groskloss 1930) Adrienne and Arthur Cannella Charitable Remainder Unitrust

62 s Elaine Kursch and Jon R . Catlin Charitable Remainder Unitrust Stephen R . Pflaum Charitable Remainder Unitrust Sally Cogan and Jerry A . Cogan, Jr . 1956 Charles A . Pittman III 1951 and Claire M . Pittman Charles B . Cohler Charitable Remainder Unitrust Charitable Remainder Unitrust Charles and Patricia Collins 1960 Charitable Remainder Unitrust Arthur G . Powell 1958 Charitable Remainder Unitrust George C . Corson, Jr . 1956 Charitable Remainder Unitrust Gordon M . and Mary Ann Pradl 1965 Randall and Deborah Deshotel Charitable Charitable Remainder Unitrust Remainder Annuity Trust Saverio Provenzano Charitable Remainder Unitrust Dimond Scholarship Trust David S . Purvis Charitable Remainder Unitrust Lorayne V . Dodge 2004 Charitable Remainder Unitrust Gordon Radley 1968 Charitable Remainder Unitrust Jean Schabacker Donati and Richard C . Donati 1945 Verne R . Read 1944 Charitable Remainder Unitrust II Theodore B . Reed 1940 and Nancy E . Reed J . Henry Doscher, Jr . 1942 Charitable Remainder Unitrust Charitable Remainder Unitrust J . Henry Doscher, Jr . 1942 Charitable Remainder Unitrust II Marc W . Richman 1958 Charitable Remainder Unitrust Jane N . and G . Yale Eastman 1950 Charitable Remainder Unitrust Kenneth Rosenthal 1960 Charitable Remainder Unitrust Alma Lee Eck Charitable Remainder Unitrust Kenneth Rosenthal 1960 Charitable Remainder Unitrust II John L . Fletcher, Jr . Charitable Remainder Unitrust Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard Sandra and John Fulton 1956 Charitable Remainder Unitrust Charitable Remainder Unitrust Richard L . Gernold 1960 Charitable Remainder Unitrust Thomas R . Shepard, Jr . 1940 and Nancy K . Shepard 2007 William H . Giese 1966 Charitable Remainder Unitrust for the Benefit of Sue S . Jaques Paul B . Goodrich 1968 Charitable Remainder Unitrust Albin J . Sigda 1942 Charitable Remainder Unitrust Theodore P . Greene 1943 and Mary J . Greene Elizabeth B . Simcoke 1998 Charitable Remainder Unitrust Charitable Remainder Unitrust S . Harold Skolnick 1936 Charitable Remainder Unitrust Suzanne A . Greenman and Thomas P . Greenman Robert Bruce Slater and Katherine Neville Charitable Remainder Unitrust Charitable Remainder Unitrust Thomas P . Greenman and Suzanne A . Greenman Alfred Soman 1956 Charitable Remainder Unitrust Charitable Remainder Unitrust Michael and Joan Spero 1958 Charitable Remainder Unitrust Werner Gundersheimer 1959 Charitable Remainder Unitrust Joseph E . Stiglitz 1964 Charitable Remainder Unitrust J . Edward C . Harris 1956 David and Lois Stowe 1958 Charitable Remainder Unitrust Meredith R . and Myron C . Hamer 1953 Thomas Rush Sturges II Charitable Remainder Unitrust Charitable Remainder Unitrust Garrett R . Tucker, Jr . 1936 Charitable Remainder Unitrust Guy and Michele Horner Charitable Remainder Unitrust Hans P . Utsch 1958 Charitable Remainder Unitrust Walter J . Hunziker, Jr . 1951 Charitable Remainder Unitrust William McCall Vickery 1957 Charitable Remainder Unitrust Sheridan W . Johns III 1957 Charitable Remainder Unitrust William McCall Vickery 1995 Charitible Remainder Unitrust Bertram W . and Ellen U . Justus 1953 Richard S . and Marcia F . Volpert 1956 Charitable Remainder Unitrust Charitable Remainder Unitrust Susan and Larry Kahn 1968 Charitable Remainder Unitrust Kenneth M . Walbridge 1937 and Jean P . Walbridge Kirkpatrick 2007 Charitable Remainder Unitrust Charitable Remainder Unitrust Charles Klem, Jr . Charitable Remainder Unitrust Samuel M . Watson 1951 Charitable Remainder Unitrust Jeanette Louise Wolfe Knight Charitable Remainder Unitrust Leslie T . Webster, Jr . 1947 Charitable Remainder Unitrust William and Anne Krupman 1958 Charitable Remainder Unitrust Frank and Gerry Leftwich 2008 Charitable Remainder Unitrust William M . Weiant 1960 Charitable Remainder Unitrust Stephen Lewis 1963 Charitable Remainder Unitrust Peter J . Weiller 1956 Charitable Remainder Unitrust Charles R . Longsworth 1951 and Polly Longsworth Alan E . Weston 1959 Charitable Remainder Unitrust Charitable Remainder Unitrust Harold R . Wilde 1967 Charitable Remainder Unitrust Omar and Maria Lyettefi Charitable Remainder Unitrust Philip Steele Winterer 1953 Charitable Remainder Unitrust Everett W . MacLennan 1996 Charitable Remainder Unitrust Karin Elizabeth Wolfe Charitable Remainder Unitrust John MacLeod 1948 Charitable Remainder Unitrusts Richard Shipley Wolfe 1952 Charitable Remainder Unitrust 2 Patricia and Richard Maddi Charitable Remainder Unitrust Z/G 1959 Charitable Remainder Unitrust Louis A . Matis 1971 Charitable Remainder Unitrust TOTAL LIFE FUNDS $81,371,184 Joe and Betty McDonald 1958 Charitable Remainder Unitrust MEM 1959 Charitable Remainder Unitrust to TOTAL ENDOWMENT AND OTHER Further International Understanding SIMILAR FUNDS—Amherst College $1,905,119,387 Emery Meschter 1930 Charitable Remainder Unitrust Emery Meschter 1930 Charitable Remainder Unitrust II Funds Held in Trust by Others Howard M . Mitchell Testamentary Charitable Remainder Unitrust Charitable Remainder Unitrust Agreement for Hanna H . Bartlett Ray A . and Ilga S . Moore Charitable Remainder Unitrust 1996 Charitable Remainder Unitrust Agreement of David E . and Ruth S . Morine Charitable Remainder Unitrust Hanna H . Bartlett and James T . Bartlett Abe J . and Mary Jo M . Moses 1955 Charitable Remainder Unitrust James T . Bartlett 1959 and Hanna H . Bartlett Moulton Charitable Remainder Unitrust John B . Bartlett Charitable Remainder Unitrust Peter A . Nadosy Charitable Remainder Unitrust John B . Bartlett 1960 Edward N . Ney 1946 Charitable Remainder Unitrust Blue Ridge Trust Pennock Environmental Scholarship Trust Christopher L . Kaufman 1967 Cecily C . Perez Charitable Remainder Unitrust Bushman Family Charitable Remainder Unitrust Adele S . Perlman and Lee A . Perlman 1962 Thomas D . Bushman 1951 and Joyslin W . Bushman Charitable Remainder Unitrust Cooney-Alma Charitable Remainder Unitrust Boyd and Cindy Peterson Charitable Remainder Unitrust D . Paul Cooney 1950

63 s Paul R . Dimond and Constance C . Dimond Trust The Robert K . and Jean W . O’Connor Unitrust Mr . and Mrs . P . R . Dimond 1966 R . K . O’Connor 1944 Doscher Charitable Remainder Unitrust David L . Perry 1993 Trust J . Henry Doscher 1942 Estate of David L . Perry 1963 English Family Charitable Remainder Trust Powar Family Charitable Remainder Unitrust James R . English, Jr . 1941 William L . Powar 1968 and Paula K . Powar Laurence C . Griesemer Charitable Remainder Annuity Trust John A . Quisenberry Irrevocable Charitable Remainder Unitrust Laurence C . Griesemer 1940 John A . Quisenberry 1960 Gordon Hall III Charitable Remainder Unitrust S . Harold Skolnick Trust Gordon Hall III 1952 Estate of S . Harold Skolnick 1936 John A . and Ute Hargreaves Charitable Remainder Unitrust Trevor G . Smith 1998 Unitrust Mr . and Mrs . John A . Hargreaves, Jr . 1954 Trevor G . Smith 1957 Harry L . Harkness Perpetual 1898 Scholarship Fund Clifford B . and Valeria Parker Storms Charitable Estate of Ethel Grace Harkness Remainder Unitrust James A . and Marian S . Hawkins Unitrust Clifford B . Storms 1954 and Valeria Parker Storms James A . Hawkins 1950 and Marian S . Hawkins Norma Propp Tulgan and Henry Tulgan Charitable Trust Robert D . Jones Charitable Remainder Unitrust Henry Tulgan 1954 and Norma Propp Tulgan Robert D . Jones 1952 The Becky H . Tuttle Gift to the Boston Foundation Leach Children Charitable Remainder Unitrust Pooled Income Fund for the Benefit of the Charles N . Leach, Jr . 1956 Trustees of Amherst College Alan P . and Gail Levenstein Charitable Remainder Unitrust Mrs . David F . Tuttle 1934 Mr . and Mrs . Alan P . Levenstein 1956 Walbridge Children’s Inter Vivos Charitable Remainder Unitrust Lorna D . Johnson Kenneth M . Walbridge 1937 and Jean P . Walbridge Hunter L . Martin, Jr . and Lore l . Martin White-Chavkin 2000 Charitable Remainder Unitrust Charitable Remainder Unitrust Robert R . White III 1949 and Dana E . Chafkin Hunter L . Martin, Jr . 1947 The Robert B . Whitney, Jr . and Helen C . Whitney McClay Charitable Remainder Unitrust II Charitable Remainder Unitrust John B . McClay 1954 and Diana B . McClay Mr . and Mrs . R . B . Whitney, Jr . 1955 Maynette Shearn More Charitable Remainder Unitrust The Thomas M . Wilson Trust Estate of J . Henry Doscher 1942 Mildred E . Wolcott Family Charitable Trusts Hugh G . Moulton Charitable Remainder Unitrust 1999 Mildred E . Wolcott Hugh G . Moulton 1955 Susan W . Noyes Charitable Remainder Unitrust Susan W . Noyes

64 s The Trustees of Amherst College s Folger Shakespeare Memorial Library Descriptive Analysis of Endowment and Other Similar Funds June 30, 2013 (Valuations at Market)

Permanent Endowment, Income Unrestricted The Andrew W . Mellon Fund 4,468,882 Ella Poe Burling Endowment fund $72,785 The Andrew W . Mellon Foundation— Emily C . J . Folger Fund 139,783,784 The Folger Institute of Renaissance and Henry Clay Folger 1879 Fund 53,033,026 Eighteenth-Century Studies 4,280,664 Tod Sedgwick Endowment Fund 56,615 The Andrew W . Mellon Foundation-Curator of Books 3,321,817 The Andrew W . Mellon Partial Curatorship Fund 2,759,379 Total Permananent Endowment, Income Unrestricted $192,946,210 The Andrew W . Mellon Postdoctoral Fellowship Fund 2,153,660 The Andrew W . Mellon Publications Fund 2,912,149 Permanent Endowment, Income Restricted The Andrew W . Mellon Technology Endowment Fund 1,188,604 The K . Frank and Joycelyn C . Austen Acquisition Fund 446,679 The Paul Mellon Acquisition Fund 975,462 The Winton and Carolyn Blount Exhibition Fund 2,023,188 The Millennium Education Endowment 954,987 The Gladys Brooks Acquisitions Fund 328,119 The Mosaic Foundation Endowment 76,792 The Gladys Brooks Fund for Technology 206,821 Barbara A . Mowat Senior Fellowship 1,429,394 Brian Cabe Memorial Fund 31,579 The Evelyn Stefansson Nef Education Fund 44,881 The Elizabeth L . Cabot Acquisition Fund 96,895 The Frank Battles Newlin Education Fund 239,011 The Mildred Grinnell Clarke Public Programs Fund 61,056 The Elizabeth Niemeyer Acquisition Fund 1,014,267 Professor Rosalie L Colie Memorial Reading Room Fund 55,641 The Lee Piepho Acquisitions Fund 30,370 Colt Acquisition Fund 405,073 Poetry Endowment 383,330 The Bertita E . Compton Acquisitions Fund 804,023 The Ramsbotham Fund 29,062 The Ann Jennalie Cook Acquisitions Fund 142,996 The Reader Campaign Fellowship Fund 949,333 Conservation Program 5,990,815 Room Renovations 87,674 Charles E . Culpeper Conservation Fund 613,362 Bess and Philip Rosenblum Fellowship 270,184 Hanson Lee Dulin Senior Fellowship Fund 1,473,945 The B .F . Saul Rare Book Fund 743,163 The Early Music Endowment 291,506 Lois Green Schwoerer Fund 24,920 The Elizabeth L . Eisenstein Acquisitions Fund 59,741 Shakespeare Quarterly Reserve 440,371 The Charles W . Englehard Acquisition Fund 852,731 The Roger T . & Peggy M . Simonds Fund 52,683 The Charles W . Englehard Fund for Pre College Education 250,861 The James B . Sitrick Endowment Fund 286,351 The 301 East Capitol Street Endowment 596,683 The Albert H . Small Fund 151,304 The Kathrine Dulin Folger & Family Acquisitions Fund 999,311 Professor Emile V . Telle Acquisition Fund 1,199,356 The Steven & Judith Gluckstern Education Fund 57,114 Louis B . Thalheimer Curatorial Endowment 2,091,705 The Steven & Judith Gluckstern Technology Fund 57,114 Trustees Fellowship and Acquisition Fund 1,348,409 The Herman & Friedl Gundersheimer Fund 148,728 The Verizon Technology Endowment Fund The Karen Gundersheimer Acquisitions Fund 43,251 for Pre-College Education Programs 214,185 The O . B . Hardison Fellowship Fund 1,814,673 John and Marva Warnock Technology Endowment 305,768 The O . B . Hardison Poetry Prize Fund 1,218,110 The Nancy & Jean Francis Webb The Wyatt R . and Susan N . Haskell Memorial Education Fund 164,620 Public Programs Fund 857,651 Eric and Mary Weinmann Acquisitions Fund 1,508,584 The Judge William H . Hastie Educational Endowment 244,922 Eric and Mary Weinmann Junior Fellowship Fund 875,082 The Eunice & Mones E . Hawley Fund for Early Music 69,975 Eric W . Weinmann Chief Conservator Fund 789,798 The William Randolph Hearst Fellowship Fund 481,085 The Weinmann Librarian Fund 1,628,827 The William Randolph Hearst Fund for The Mary and David S . Wolff Endowment 68,191 Pre College Education 206,821 Total Permanent Endowment, Income Restricted $65,500,894 Charlton Myra Hinman Fellowship Fund 523,875 The Kenneth C . Hogate Acquisition Fund 218,257 TOTAL PERMANENT ENDOWMENT $258,447,104 The Humana Education Fund 448,537 The Philip A . Knachel Fellowship Fund 1,124,942 Term Endowment The Philip A . Knachel Endowment 338,121 Consolidated 10,750 The Knight Foundation Fund 415,598 Golden Aniversary Fund 293,355 Richard J . Kuhta Fund for Library Acquisitions 80,397 The Wyatt R . Haskell Annual Public Programs Fund 239,828 Virginia Lamar Prize Fund 12,478 Ruth Leila Hazel Hand Lefkovits Fund 128,889 TOTAL TERM ENDOWMENT $543,933 The Librarianship Fund 43,798 The Georges Lurcy Acquisition Fund 348,580 Quasi-Endowment, Unrestricted 6,971,190 The Georges Lurcy Fund for Technology 182,211 The Estate of Ella Poe Burling 331,615 The Forrest & Deborah Mars Fund for Property Disposition Fund 3,544,929 Educational Outreach 947,386 The Renaissance Fund 158,765 Matillda D . Mascioli Memorial Fund 294,137 Total Quasi-Endowment, Unrestricted $11,006,499

65 s Quasi-Endowment, Restricted The Early Music Guest Artist Fund 70,448 Folger Theater Programs Fund 25,423 Mellon Institute 31,114 Janet Field-Pickering Elementary Education Endowment 53,136 The Barbara Taft Endowment Fund 340,891 Lila Wallace Readers-Digest Fund 1,188,474 John Warnock Photography Fund 106,523 Total Quasi-Endowment, Restricted $1,816,009 Quasi-Endowment, Designated Acquisitions Quasi Support Fund 25,343 The Staff Retirement Plan Funds 3,405,391 Charlotte B . Dow Acquisition Fund 626,003 Director’s Discretionary Fund 1,523,006 Early Music Recordings Endowment 12,524 The Folger Fund for Library Technology 928,834 The Folger Acquisition Endowment Fund 2,649,713 Gail Kern Paster Director’s Educational Endowment Fund 371,861 The Poetry Board Endowment 87,536 The Susan Snyder Memorial Junior Fellowship Endowment 327,483 Total Quasi-Endowment, Designated $9,957,694 TOTAL QUASI-ENDOWMENT $22,780,201 TOTAL ENDOWMENT FUNDS $281,771,238 Life Funds Doris E . Austin, Gift Annuity Jay L . Halio, Gift Annuity Jay L . Halio, Immediate Life Income Fund Howard G . and Gail Kern Paster 2007 Charitable Remainder Unitrust Bernice W . Kliman and Merwin Kliman, Balanced Income Fund Carole Levin Charitable Remainder Unitrust Lilly S . Lievsay Charitable Remainder Unitrust Robert J . McKean, Jr . 1950 and Sally A . McKean, Gift Annuity Marilyn Schoenbaum, Balanced Income Fund Alden T . Vaughan 1950, Gift Annuity William McC . Vickery 1957, Immediate Life Income Fund Ruby York Weinbrecht, Gift Annuity TOTAL LIFE FUNDS $899,287 TOTAL ENDOWMENT AND OTHER SIMILAR FUNDS— Folger Shakespeare Memorial Library $282,670,525

66 s Amherst College s Statistical Information 2012–13

1st 2nd Instruction Appointments with Full-Time Equivalency Enrollment Semester Semester (including tenured faculty with administrative duties) Freshmen 466 461 2012–13 2011–12 Sophomores 476 469 Number F.T.E. Number F.T.E. Juniors 410 396 Professor 85 84 .00 93 92 .5 Seniors 465 465 Associate Professor 34 34 .00 35 35 .0 Total 1,817 1,791 Assistant Professor 43 43 .00 36 36 .0 Exchange 0 0 Total Regular Faculty 162 161.00 164 163.5 Special 30 18 Lecturers 28 27 .50 28 26 .0 Comprehensive Fee for 2012–13 $55,510 Coaches 22 22 .00 24 24 .0 Phased and Other Academic Plant Continuing Appointments 21 8 .50 16 7 .4 Educational, Athletic, and Misc . 1,340,000 sq . ft . Visiting Appointments 33 30 .75 25 24 .1 Residential, etc . 1,181,000 sq . ft . Total 266 249.75 257 245.0 Parking 4 .9 acres Land 1,010 acres Average Compensation of Full-Time Faculty Print Volumes in Libraries 1,011,148 (Salary and Fringe Benefits as Reported to AAUP) E-Books 610,462 2012–13 2011–12 2007–08 2002–03 Serial Print Titles 15,780 Professor $ 174,354 $ 175,100 $ 164,116 $130,600 Electronic Journals 59,999 Associate Professor 121,764 121,800 112,599 90,753 Nonprint Media 59,039 Assistant Professor 100,948 100,900 99,870 80,193 Average (All Ranks) $133,487 $145,755 $142,024 $115,860 The Folger Shakespeare Memorial Library Collection contains approximately: 260,000 books, 60,000 manu- scripts; 250,000 playbills; 200 oil paintings; and 90,000 prints, photographs, drawings and watercolors . Buildings 83,600 sq . ft . Number of Employees (Full Time) 102

Faculty & Staff FY 2012–13 (Position F.T.E.) Faculty: Professors 84 .00 Associate Professors 34 00. Assistant Professors 43 00. Other 88 .75 249 .75

Trustee Administrative Appointees 134 .97 Clerical, Technical and Service Staff (Full-time and Part-time) 440 .38 575 .35

Faculty, Administration and Staff Diversity 2012–13 2011–12 Faculty Minorities 49 40 Women 117 90 Administration Minorities 15 23 Women 85 83 Staff Minorities 48 46 Women 240 228 Amherst College does not discriminate in its admission or employ- Subtotal Minorities 112 109 ment policies and practices on the basis of such factors as race, sex, Women 442 401 sexual orientation, gender identity, gender expression, age, color, re- ligion, national origin, disability, or status as a veteran of the Vietnam Total 554 510 War or as a disabled veteran . The College complies with federal and Total (adjusted) 497 457 state legislation and regulations regarding nondiscrimination . Inqui- * Total adjusted for women counted in both minorities and women ries should be directed to the Director of Human Resources, Amherst figures . College, P .O . Box 5000, Amherst, MA 01002-5000 .

67 s 2013 ▲